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Good will

This query is : Resolved 
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(Querist)
30 November 2013 Dear sir,
we have a properitor firm
can we pay rs.2L to a freind without any consideration & without deducting TDS.
coz we just have to pay he will not refund and will not give bill we are just giving him as good wil
pl reply
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Manish Bhandari

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Manish Bhandari (Expert)
30 November 2013 You can pay him only by account payee cheque and treat the same as your personal drawings. The thing is the receiver has to show it as gift(taxable above 50,000).
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Siddharth

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Siddharth (Querist)
30 November 2013 Sir,
still not understand
if he will show as gift
then he would be liable for Tax?
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Manish Bhandari

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Manish Bhandari (Expert)
02 December 2013 That gift is to a freinnd who will not fit into the defination of relative for exemption. So it will taxable to him for an amount above 50,000
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