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Car received as award
A client running an educational institution on franchise and received a car as best performance award. only RTO nd Insurance charges paid by assessee. pls suggest tax treatments.
Replies (5)
Car is given to the institution or the person who's running..?
the institute is sole proprietorship
TDS shall be deducted on the basis of fair market value of the car
It is taxable in the hands of proprietary concern as per section 56(2)(viib).......
I think it should be taxable in the head of business profession.. Since it is during the course of business and shall be chargeable us 28. One similar question had came in CA final examination and answer is that it should be chargeable under the head PGBP.. please correct me if I'm wrong
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