LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

Easy Office

Gold coins recd from company

GANGI NAIDU YANAMANDALA (130 Points)

17 September 2019

Dear sir
One of my client received Gold coins from Company as business promotion ...how do we account in books of ACCOUNTANTS and in income tax..
Thanks

Reply
Follow
Share

4 Replies

Pallerla Vamshi (25 Points)
Replied 17 September 2019

Gold coins were received in course of business i. e., any gifts received in course of business shall be accounted for as a PGBP income as per sec 28
The FMV of gold coins were accounted for as income and offered to tax as PGBP income as per sec 28

Kapadia Pravin (17249 Points)
Replied 17 September 2019

In the hands of the receipient person , (Proprietor, Chief manager, Partner whoever ) Gold Coin will be treated as Gift from Non-relative.

FMV of Gold Coin will be Gift amount and Gift upto 50000/- in aggregate is Exempt.

GANGI NAIDU YANAMANDALA (130 Points)
Replied 17 September 2019

Whether we have to include FMV in turnover or we have to show as other revenue sir

Kapadia Pravin (17249 Points)
Replied 17 September 2019

This won't come in accounts.
Please read again my above reply

Join CCI Pro

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

Easy Office

Trending Online Classes

Live class on Bonus & Gratuity(with recording)

Mr.Balamurugan Ranganathan

Enroll Now

25 April 2024
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)

CA Arun Chhajer

Enroll Now

21 April 2024
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"

CA Vishal Zawar

Enroll Now

01 May 2024

view all classess

CCI Pro

Subscribe to the latest topics :

Search Forum:

Forum Home

Popular Threads

Recent Posts

Unreplied Threads

Settings