If Assessee receives Gift in Kind is it taxable? What should be entry for accounting Purpose?
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Taxation of Gift
Replies (7)
gift in kind fully exempt........
No, it is not taxable.
The entry will be like other gifts as per under:
Asset A/c Dr.
To Capital A/c
An assessee received his lic policy amount on the maturity date(22/07/2008).Is the amount taxable while filing his returns for the A.Y.2009-10?
An assessee received his lic policy amount on the maturity date(22/07/2008).Is the amount taxable while filing his returns for the A.Y.2009-10?
No it will not be taxable
If Assessee receives Gift in Kind is it taxable? What should be entry for accounting Purpose?
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