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Is gift is a deductible expense
a hero has gifted a car to his director,whether it is allowed as deduction for hero
Replies (6)
No gift is not a deductible expense
Prabhas and Nithin
If it is not a deductible expense then it is taxed in the hands of hero
and for director, it is an income from other sources and it will be taxed in the hands of director
then it will lead to double taxation
and for director, it is an income from other sources and it will be taxed in the hands of director
then it will lead to double taxation
For director it is a gift and he is not liable to pay tax as hero has already paid tax on his income from which he has gave gift to director
Director is not liable to pay tax under the head income from other sources as definition of property u/s 56(2) does not include car.
Thank you @ Gagan Deep singh
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