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Accounting treatment of goods given by way of gift (mvat)

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(Querist)
13 December 2011 What would be the accounting treatment of the goods given by a dealer by way of gift to any person or relative??
Whether VAT would be chargeable on that gift amount???
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
14 December 2011 Mr. Ganu,
Generlly,gifts are not taken into account as any purchase.They are left to the individuals to whom they are given.No question of VAT on them because they are given free of cost......MJK
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