Dear sir ,
My client is LIC Agent his income covered under Business or Professional
1) He gave Rs.200000/- Transfer to his Sister 's Daughter. and
2) He purchased Jwellery for Mother. This both are Avail Deduction for My client. he deducted in his Total Income?
please explain above two cases.
Regards,
Chandrakant Parmar
Menu
Income tax Deduction of GIFT or Payment for GIFT
Replies (3)
Gift given by cash or kind is not deductible as expense from taxable income.
You will not get any deductions however no any other tax applicable over gift to Mother and sister ..........
Conditions of Sec 56(2) (x) is applicable.
Recent Topics :
- Share important chapters of ca inter costing
- Free CA Foundation Study Material - PYQs with Sugg
- INCOME TAX
- Moving from old to new tax regime after notice
- Need urgent help on notice
- ITR-3 - F&O Loss adjusted against business inc
- Error - Blank Rows in Schedule SI (ITR-2)
- Dividend from co-operative society
- SECTION 139(10) OF THE COMPANIES ACT, 2013 CASE
- TDS u/s.194C returns filed in ITR-1
Related Topics :
CAclubindia
