As per my knowledge,gift received from blood relative is exempted from income tax.I just want to know if gift receiver is owner of sole proprietery firm then can he take amount of gift received as a working capital for his firm?
As per my knowledge,gift received from blood relative is exempted from income tax.I just want to know if gift receiver is owner of sole proprietery firm then can he take amount of gift received as a working capital for his firm?
One gift is received, the receiver can utilize it as s/he wishes. No restriction on its usage .......be it as working capital......... or any investment........ or any expenditure..... i.e it becomes personal capital/asset of receiver.
Thank you so much for your advise. :)
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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