Hi Everyone,
We are not in the jewelry industry, but we have given gold coins to our staff as wedding gifts. Can we claim the ITC for that gold purchase?
Menu
Is ITC accessible on gold coins presented to employees as gifts on Marriage?
Replies (4)
As section 17(5)(h) of the CGST Act , Gift is under block credit, input tax credit not available.
Take more opinion on this.
Yes I agreed.
No ITC can be claimed on goods supplied as gifts. On the contrary if the value of such gifts exceed Rs 50000/- then it will constitute supply under Schedule I .
No ITC is available.
Recent Topic
- Form 10E and Salary arrear
- LTCG U/S 54F. Sale of property plus sale of share
- Issue with ITR2 online utility for HUF
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
Related Topics
CAclubindia
