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Taxability of gift for companies

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(Querist)
17 September 2011 What is the taxability of property received as gift by company from its director without any consideration in the hands of a company
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CS Bijoy

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CS Bijoy (Expert)
21 September 2011 voluntary payments or gifts, are not taxable unless they can be attached to a pre-existing source such as a vocation

Surely the directorship is a pre-existing source?

But the better way is loan from director.

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