Dear sir/Madam,
As in Private Limited Company if director given a gold chain to his Employee as a gift for his best contribution to running his business in this case can he avail input tax credit on such gold purchase bill?
please clear
thanking you.
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ITC on gift of Jewellery
Replies (2)
No...ITC is available for goods or services used in the course or furtherance of business
also it's available only when there is contractual obligation to do so......... itc for the above is not available....
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