Lpg subsidy
This query is : Resolved
08 June 2014
Lpg subsidy received by individual in saving account is taxable or exempt.
Nikhil Kaushik
(Expert)
08 June 2014
as of now it is not exempt. whether it is taxable or not is bit of a grey area. without any specific exemption it should be included under "income from other sources"
Rupesh Jain
(Expert)
09 June 2014
in my opnion it will not taxable due it is receivable back your exp. return by the govt/company and your income is already taxable.
like using of credit card you get discount on making exp. and discount is not taxable under income tax.
like using of credit card you get discount on making exp. and discount is not taxable under income tax.
Nikhil Kaushik
(Expert)
09 June 2014
Dear rupesh the current model of direct transfer of subsidy to bank account is not the normal discount model and is in addition to income that has been taxed. .
10 June 2014
it if not exempt means it is taxable as anything exempted is notifed by law.
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