Gift Tax
This query is : Resolved
04 May 2009
Dear Sir,
Can an Indian Resident Individual give a sum of money to Indian Company as a gift.
Is it legally allowed. If yes, can I know under which clause.
Are there any potential exposures for the Resident Individual.
regards
Sivaraman
Can an Indian Resident Individual give a sum of money to Indian Company as a gift.
Is it legally allowed. If yes, can I know under which clause.
Are there any potential exposures for the Resident Individual.
regards
Sivaraman
05 May 2009
There is no prohibition from gifting anything to a company. However, such gift may be taxable under the head other income in the hand of company.
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