Now the non-cash gifts are also taxable

[MyTaxes_Expert]

Starting with October 1, 2009, any gift in kind such as car, real estate, jewellery, diamond or any other item worth over Rs. 50,000 will attract income tax. Till now income tax was levied on cash gifts above Rs. 50,000. However, gifts from relatives, on occasion of marriage, under will or by way of inheritance, from any local authority, or from any fund or trust will be exempted from tax.
Any person who receives gift in kind on or after October 1, 2009 must disclose the taxable value of such property in the return for the assessment year 2010-11 and subsequent years.