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Gift from company

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(Querist)
04 November 2011 What is the taxability in the hands of shareholders of gifts recieved from a company.
Is it treated as capital receipt. If so why
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Vivek Mehta (CA, DISA,CS, MBA)

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Vivek Mehta (CA, DISA,CS, MBA) (Expert)
04 November 2011 Well the treatment of Gift has been given under section 56 and the same shall be liable for the tax under the act if it qualifies the list of asset given under the section

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