Menu
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
Recent Threads
- GSTR 2B ( MULTIPLE MONTHS )
- Eway bill generation for export material.
- International Tax clarification UK.
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
- 194a for A y 2024-25
- Compensation & Benefits
Related Threads
CAclubindia
