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gift tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 March 2010 dear friends,
my question is that if a private company receives Kishan Vikash Patra(KVP) as gift from person other than directors and shareholders before 1.10.2009 what will be its impact on the taxation of the company. whether it will be exempt or taxable in the hands of company?
with regard
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
20 March 2010 A private company cannot receive gift. If you have got it without consideration it will become your other income for that year.
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VIPUL BHANDARI

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VIPUL BHANDARI (Expert)
20 March 2010 i agree with Ca B Srinivasalu, A Company cannot receive gifts.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
20 March 2010 Agree with experts.
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