Good will
This query is : Resolved
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
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
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).
30 November 2013
Sir,
still not understand
if he will show as gift
then he would be liable for Tax?
still not understand
if he will show as gift
then he would be liable for Tax?
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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