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Income on free sale

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 September 2014 Shall income on free sale be included with other income of the assessee?

21 September 2014 No. It will form part of business Income.

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 September 2014 what if the assessee does not maintain books of accounts for social service activity?




21 September 2014 This can not be a reason for not taking it into business income. Please tell the exact nature of transaction/activity.

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 September 2014 seller of medicine.but distributes free medicines among poor from his shop everyday.no limit of people or amount to be distributed per day.

21 September 2014 If he gives free medicine then it will not form part of sale and therefore and there is no profit also. But whatever other medicine he sells will lead to business income. So no question of free distribution of medicine to be included in other income as there is no income at all.



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