04 August 2008
dear sir, if a doctor ( consultant physician) receives gifts in kind from diagnostic centres will it be considered as perquisites arising from the excercise of the busines. and business covers profession.
05 August 2008
Any gift rceived from a Diagnostic Centre which is otherwise convertible in cash is a receipt from profession u/s 28(iv) of the Income Tax Act. However, gift received on any occassion which can be distinguished from the one resulting from the professional performance will not be treated as a professional receipt.
05 August 2008
Further to the query posted in comments the reply is as per under:
The nature of receipt from the diagnostic centre against the patients sent to lab for diagnosis suggests that it is a receipt in kind which may be converted into cash and as such is a income u/s 28)iv)
CAclubindia
