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TAX IMPLICATIONS OF GIFT TO DEALER
One of My client (Dealer of a company) received gold coin free of cost from the company...What will be the tax implications..and at what value that needs to be entered in the books.
Replies (4)
As per sec 56(2)(x) of IT Act, Any bullion received without consideration and aggregate FMV exceeds 50,000 then entire FMV shall be taxable under Income from other sources. In books you can enter at nominal value..
If I book the same at nominal value...than how I will book the actual value for booking income from other source....
In the ITR you will show the taxable amount and it doesn't matter what you show in books
If I am filing ITR based on books then I have to book profit in books also...how two can be different..?
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