If Assessee receives Gift in Kind is it taxable? What should be entry for accounting Purpose?
Menu
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?
Recent Threads
- Waste Management services
- Seeking Clarity: New Transport Allowance Limits (D
- Query regarding Consolidated Gift Deed for Bank Tr
- TDS u/s194IB - Joint Ownership
- Free GST Reconciliation Tool in Google Sheets R
- NRI return after due date refund case
- TDS u/s 194J - training honorarium
- WHERE TO REGISTER UNDER PTRC AND PTEC ACTS ?
- Key Corporate Compliance Requirements for Private
- Gst Non Filling Return Notice
Related Threads
CAclubindia
