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TDS on gift to consultant by a company

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(Querist)
31 December 2010 A Company wish to gift a car to a consultant apart from the agreed fee, as he helped them in acheiving financial closure of a project in quick time. whether TDS provisions are applicable in case of gift of car. if yes, which section/case law deals with this?

please help me out
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
31 December 2010 TDS is not applicable on gift.
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Nitin

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Nitin (Expert)
31 December 2010 read the following article for tax on Gift https://www.simpletaxindia.org/2010/03/gift-tax-tax-on-gift-budget-2010.html
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Vivek Raju P

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Vivek Raju P (Expert)
01 January 2011 Agreed with the expert above, TDS will not be applicable on gifts. It will be the duty of the consultant who received the gift to disclose this as income from business / profession u/s 28 in his return of income and pay the self assessment tax or advance tax as the case may be.
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