Taxation of gifts.
This query is : Resolved
Ankur Sachdeva
(Querist)
16 March 2012
If Mr. X a director in pvt ltd co. receives some amount in cash by way of gift on his marriage then it is fully exempt from tax? Now my question is that whether he transfer that cash to company in which he is director? If yes, then how? Plz guide.
Dintakurthi Tirumala
(Expert)
16 March 2012
It is not taxable in the company because it is not the gift of company and it is the source of the director if it is given by the director as loan to company otherwise if he pay as gift then taxable.
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