Gifts given by company

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Rahul Jain

Rahul Jain (Querist)
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13 October 2011 Can a company distribute gifts to the guests and claim deduction for the same under IT act?

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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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

ACMA Obulirajan R

ACMA Obulirajan R (Expert)
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13 October 2011 Yes they can claim deduction if the same is in business nature i.e. promotion and advertisement

Rahul Jain

Rahul Jain (Querist)
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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

ACMA Obulirajan R (Expert)
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13 October 2011 Then you have to see the genuiness of the activity...

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