How much gift amount is tax-free?
I want to buy a car for a friend. I will pay the dealer and my friend will sign the contract and be the sole owner. Is this a taxable gift for him? Who will have to fill in form 60 ?
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Advocate By LEAD INDIA
Answered: 23 Dec 2023
If the car value is below Rs. 50,000, it wouldn't be considered a taxable gift. To avoid any potential tax implications, contact us on our helpline number consult a qualified tax advisor.
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