tax on gold coin given by company
This query is : Open
27 February 2010
A 15 gm gold coin/medallion worth Rs.14300/- was given to all employees by my public sector company to commemorate its golden jubilee. It is not shown in IT return & no TDS deducted by company. I have received a notice from IT dept. saying that this income has escaped from assessment within the meaning of section 147 of IT Act,1961.
May pl.advice.
May pl.advice.
27 February 2010
any gift value more then Rs. 5000/- is taxable, because of that Rs. 9,300/- is taxable in my opinion.
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