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Gold coins recd from company


GANGI NAIDU YANAMANDALA   17 September 2019

GANGI NAIDU YANAMANDALA

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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  23 points

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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

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Kapadia Pravin   17 September 2019

Kapadia Pravin

 915 likes  14283 points

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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.

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GANGI NAIDU YANAMANDALA   17 September 2019

GANGI NAIDU YANAMANDALA

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

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Kapadia Pravin   17 September 2019

Kapadia Pravin

 915 likes  14283 points

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


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