Gold coins recd from company


GANGI NAIDU YANAMANDALA   17 September 2019

GANGI NAIDU YANAMANDALA

 2 likes  87 points

| My Other Post

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

avater

Pallerla Vamshi   17 September 2019

Pallerla Vamshi

 1 likes  17 points

View Profile | My Other Post

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

avater

Kapadia Pravin   17 September 2019

Kapadia Pravin

 485 likes  7938 points

View Profile | My Other Post

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.

avater

GANGI NAIDU YANAMANDALA   17 September 2019

GANGI NAIDU YANAMANDALA

 2 likes  87 points

View Profile | My Other Post

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

avater

Kapadia Pravin   17 September 2019

Kapadia Pravin

 485 likes  7938 points

View Profile | My Other Post

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


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »