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Gift taxation
Hi,
our company owner give gift to his brother wife of Rs 4 Lakh is taxable or not if yes so how much tds needs to be deducted on this amount
plz help
Replies (1)
Gift given to brother's wife is not taxable. But if the gift is given by the Limited company from its bank accounts(because it is considered to be a different person than the director) then it is taxable in the hands of the receiver.
Tds is not deductible on Gift. It isdeductible on Prize money given.
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