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Pallerla Vamshi 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 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.