vamshikrishna (Chartered Accountant) (74 Points)
12 September 2008Dear All,
Plz explain me whether the donation made in kind can be claimed as tax exemption ??
Thanks & Regards,
Vamshi
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 12 September 2008
If you are referring to 80G it has to be a sum paid.
vamshikrishna
(Chartered Accountant)
(74 Points)
Replied 12 September 2008
Dear Srinivasaragavan,
Thanks for your reply....
Actually a company whose line of business is pharma donated to notified organisation in form of stock.now i would like to know whether that donation can be claimed as tax free ????
If it cannot be claimed as tax free...can the company claim the actual expenditure incurred for the manufacture of those stock as a allowable expenditure under the income tax Act...
Thanks & Regards,
Vamshi.
CA. Dashrath Maheshwari
(TaXpert)
(15103 Points)
Replied 12 September 2008
Yes, Company can claim it as expenditure like sample expenditure but not as donation...
Gurmet Siingh
(Chartered Accountant)
(413 Points)
Replied 12 September 2008
yea the company can show it as sample expenditure & its not liable for FBT also under business promotion.
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