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Applicability of FBT on Maintenance of Yatch
The assessee company is engaged in the business of Medical Consultancy and owns a Yatch for business purposes for its directors and clients. During the year, the company has incurred expenditure on maintenance of the Yatch. Whether such expenditure is taxable from FBT point of view and if yes, under which head?
Thank You
Replies (3)
FBT is not applicable on maintainance of yatch as it is not covered under any clause of FBT. it is specifically applicable on repair & running expenses of motor cars & Aircraft.
| Originally posted by :Moiz W | ||
| " | The assessee company is engaged in the business of Medical Consultancy and owns a Yatch for business purposes for its directors and clients. During the year, the company has incurred expenditure on maintenance of the Yatch. Whether such expenditure is taxable from FBT point of view and if yes, under which head? Thank You |
" |
FBT is applicable only for cars and aircrafts. It is NOT applicable to two wheelers and other motor vehicles.
FBT is not Applicable in this Case. it is applicable on Repair, Maintance and Depreciation of Motor Car, Aircraft.
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