Gift tax applicability when a new car received against old c

pooja dedhia (Querist) 17 February 2014 This query is : Resolved
gift tax applicability when a new car received against old car which was met with road accident while driving – currently my car is met with accident with other car . other car owner has admitted his careless and negligence. My car is insured. Other car owner has given a new branded car from indian dealer . New car's cost is more than the car's WDV. I took the insurance from the company and give this amount to the car owner. My queries is that is this transaction attract the gift tax ? Is income tax caluse applicable?

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