treatment of golden bat recd by schain tendulkar

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Manish Mehta (Querist)
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18 April 2009 What will be treatment of golden bat recd by schain tendulkar as per income tax from the view point of company and receiving person?

Please mail the answer on manish.mehta@ambujacement.com

Deepak Goel

Deepak Goel (Expert)
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19 April 2009 It will be treated as a Gift in kind and there is no tax on Gift in kind. So, therefore, relex and enjoy gift.

Manish Mehta

Manish Mehta (Querist)
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20 April 2009 but it was golden bat so i think it will be taxable because there no relationship between to both the party. it will taxable under

Gift exceeding Rs 50,000 is taxable unless it is received from

1        any person who is a relative or

2        on occasion of marriage or

3        under will or by inheritance or

in contemplation of death of the payer

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