Taxability of election f unds
This query is : Resolved
19 February 2016
One of our clients is an MP. He has received an election fund of Rs. 50 lakh during the previous year. Is it taxable? or is it exempt like the parliamentary allowances? should we treat it as income from other sources?
19 February 2016
If the amount is earmarked to be spent for election keep it under liability not taxable. If it is treated as personal income tax applicable on it.
19 February 2016
Yes Sir..... It is specifically earmarked as election fund..... By the way, why should it be treated as liability sir?, It is not repayable..... It is allocated by the specific political party..... Kindly clarify on this issue
19 February 2016
It is treated as liability as the fund belongs to political party meant for spending during election.
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