Car received without consideration

shanthi (Querist) 19 June 2012 This query is : Resolved
I have received a car without consideration from a friend. Is it taxable?
Can car be given on rent for use. is there any minimum limit for amount of rent and period for which it is given for rent?

Please provide me with ur suggestions for above queries?

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Suhail A.Siddiqui (Expert) 19 June 2012
if car is gifted to you,if it is more then 20 thousand value it will be taxable @30% +Edu. Cess
If it is on rent , it is taxable under service Tax

shanthi (Querist) 20 June 2012
What is the exemption limit for service tax on rent

Adv.Ashwini Khatri (Expert) 20 June 2012
Dear If u receive a car without consideration than it is taxable. value will be considered as fair market vale. thank You

Adv.Ashwini Khatri (Expert) 20 June 2012
Minimum limit of Gift which is not taxable is Fifty Thausand only.

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