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Is gift is a deductible expense

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16 Points Posted on 11 September 2020
a hero has gifted a car to his director,whether it is allowed as deduction for hero
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On 11 September 2020 at 19:40 Report
Replies (6)
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209 Points Posted on 11 September 2020
No gift is not a deductible expense
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On 11 September 2020 at 19:59
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Sr.Accountant
367 Points Posted on 11 September 2020
Prabhas and Nithin
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On 11 September 2020 at 21:07
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16 Points Posted on 11 September 2020
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
1 Reply
On 11 September 2020 at 21:14
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493 Points Posted on 11 September 2020
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
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On 11 September 2020 at 22:42
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CHARTERED ACCOUNTANT
1190 Points Posted on 11 September 2020

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.

4 Reply
On 11 September 2020 at 23:49
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16 Points Posted on 12 September 2020
Thank you @ Gagan Deep singh
1 Reply
On 12 September 2020 at 07:34


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