if an individual gift (or min consideration) any movable asset (or cash) to any company.. den wat wil b da tax implication..??
coz sec 56(2)(vii) applies only wen is recieved by individual or huf.. and sec 50c is also not applicable..
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Tax implication.. plz help
Replies (5)
As Income tax Act , 1961 is silent on this issue.. i.e., the exemptions u/s 56(2)(vii) is applicable only to the Individual and HUF. The amount which is received by the company from the Individual is "TAXABLE UNDER THE HEAD INCOME FROM OTHER SOURCES".
If gift has been made in relation to business or profession, then the amount will be taxable to company as business income u/s 28 as it is value of benefit arising out of business or profession.
yes it will be taxable under the head PGBP u/s 28
Yes , it taxable U/s 28 of income tax act. in the hands of compaines
| Originally posted by : V.MASTHANVALI | ||
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