Easy Office
Easy Office

Tax on car as gift/prize

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
20 March 2013 A dealer has won a car from a company for maximum sales in the region. Is anything taxable under Income Tax Act 1961?
Profile Image

CA.Sourabh Sethia

Profile Image

CA.Sourabh Sethia (Expert)
20 March 2013 yes it is taxable u/s 28 i.e business income
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
20 March 2013 Thanks Sourabh. Is it clause (iv) of Sec 28.
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

CA.Sourabh Sethia

Profile Image

CA.Sourabh Sethia (Expert)
23 March 2013 Yes it is (iv)
the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro

Trending Online Classes

view all classess


Answer Query



Quick Links