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under which section of I.Tax Act gift of car received from 2500 ex-students on retirement is exempted ?

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I received the i-10 car as a gift from ex-students about 2500 in numbers in a send off function to recognize my 32 years honest and continuous service arranged by the students and attended by public in large number.
Is it taxable under I.Tax Act ?
Looking forward for your kind and prompt response.
Thanking You
                                               ..Prof.Subhash Jagtap.
asked Aug 5, 2011 in Taxes by anonymous  
edited Nov 8, 2011 by admin



1 Answer

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Congratulations! on such a great life and experience. Please consult your CA for tax calculations as there is a limit for tax-free gift.

Hope it will help you.
answered Nov 8, 2011 by admin (48,820 points)   6 7 13

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