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
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Gold coins recd from company
Replies (4)
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
The FMV of gold coins were accounted for as income and offered to tax as PGBP income as per sec 28
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.
FMV of Gold Coin will be Gift amount and Gift upto 50000/- in aggregate is Exempt.
Whether we have to include FMV in turnover or we have to show as other revenue sir
This won't come in accounts.
Please read again my above reply
Please read again my above reply
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