Gifts given by company
This query is : Resolved
Rahul Jain
(Querist)
13 October 2011
Can a company distribute gifts to the guests and claim deduction for the same under IT act?
CA Pushpendra Gaur
(Expert)
13 October 2011
ye sthe company cn claim the deduction of the same u/s 37(1)
but the amount spent on gifts shld be reasonable
but the amount spent on gifts shld be reasonable
ACMA Obulirajan R
(Expert)
13 October 2011
Yes they can claim deduction if the same is in business nature i.e. promotion and advertisement
Rahul Jain
(Querist)
13 October 2011
But if a company distribute 1 Lakh worth of gift then where should it be booked.Its not given to employess but visitors of the factory
ACMA Obulirajan R
(Expert)
13 October 2011
Then you have to see the genuiness of the activity...
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