Plz help...
Gift of car by a co. to its foreign national director on 10-12-2017. Wdv of car as on 31-03-2017 in books of co. is 1132493.94.
What will be the amount of tds, gst and gift
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gift of car to foreign director
Replies (1)
Assuming that the director is a non resident employee of the company.
The director shall be considered as employee of the company. Therefore, the value of car given to director shall taxable as perquisites under section 17(2)(viii) of the IT Act, under the head salaries. The value of the car given, shall be calculated as per rule 3(7)(viii) i.e. Cost less 20% for completed year of service.
TDS will be deducted on that value of perquisite under section 192 of the IT Act. As per the present slab rate for the non resident as per FA 2017.
No gift provisions will be attracted under IT Act as the transaction is in nature of salary.
For GST part I am not sure.
The director shall be considered as employee of the company. Therefore, the value of car given to director shall taxable as perquisites under section 17(2)(viii) of the IT Act, under the head salaries. The value of the car given, shall be calculated as per rule 3(7)(viii) i.e. Cost less 20% for completed year of service.
TDS will be deducted on that value of perquisite under section 192 of the IT Act. As per the present slab rate for the non resident as per FA 2017.
No gift provisions will be attracted under IT Act as the transaction is in nature of salary.
For GST part I am not sure.
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