A crazy doubt ..........
If any person sold his kidney .........whether income from this is taxable
and if yes then under which head of income
plz answer
CA Rahul Mittal (na) (253 Points)
30 July 2010A crazy doubt ..........
If any person sold his kidney .........whether income from this is taxable
and if yes then under which head of income
plz answer
Nitin
(CA Final Student)
(78 Points)
Replied 30 July 2010
i think its income from other sources only.. it is in the nature of gift because kidney is donated here and its not a goods to sell in income tax act..
CA Rahul Mittal
(na)
(253 Points)
Replied 30 July 2010
but my friend .........gift is taxable in the hands of donee and not in the hands of donor
Nitin
(CA Final Student)
(78 Points)
Replied 30 July 2010
u r right.. so the gifting of kidney is treated so.. but gift should not be for a consideration..
so the gift wat i m saying here is the consideration given by donee for kidney.. its a cash gift according to my knowledge..
CA Rahul Mittal
(na)
(253 Points)
Replied 30 July 2010
I M NOT SAYING THIS IS GIFT I M ONLY SAYING GIFT IS NOT TAXABLE IN THE HANDS OF DONOR SUBJECT TO SOME CLUBBING PROVISIONS
Nitin
(CA Final Student)
(78 Points)
Replied 30 July 2010
you are right..
my answer was for your first question.. because in this case donor of kidney (person receiving consideration for kidney) becomes the receiver of gift in cash.. so, for him the consideration will be taxed as gift in cash received..
CA Rahul Mittal
(na)
(253 Points)
Replied 30 July 2010
Originally posted by : Nitin | ||
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you are right.. my answer was for your first question.. because in this case donor of kidney (person receiving consideration for kidney) becomes the receiver of gift in cash.. so, for him the consideration will be taxed as gift in cash received.. |
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it can be so
Harpreet
(* * * * * *)
(1670 Points)
Replied 30 July 2010
As per my knowledge the same should be consider in other sources provided the amount received by cheque or white money. If there black money used i.e. cash then why you people bothering any tax liability by selling kidney...
hope u will understand the fact....
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 30 July 2010
Till Now in The History of Taxation,
I Have Not Seen Such Case of Income.
CA Rahul Mittal
(na)
(253 Points)
Replied 30 July 2010
DEAR FRNDS
THIS IS GIFT TAXABLE U/S 56(2)(ic)
CA Ravi Sisodia
(CA,CS,CMA)
(32226 Points)
Replied 30 July 2010
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Max Payne
(employed)
(2569 Points)
Replied 30 July 2010
Ravindra Sir is right
You cannot determine the COA of the kidney - Hence not taxable as per B C Sreenivasa Shetty's case ruling
Also, Kidney is a personal effect. Gain on the transfer of personal effects cannot be taxed as IFOS.
But pls note that under the proposed DTC, where the COA cannot be determined, COA will be deemed NIL, which will override the decision in the B C Sreenivasa Shetty case.
Ashish Ojha
(Chartered Accountant)
(469 Points)
Replied 30 July 2010
Dont Worry, Next budget will take care of this and a new section will be Introduced :
"Notwithstanding anything contained in this Act, where any Individual, whether resident or not, transfers his Kidney to any other individual in a scheme of Kidney Transplant, carried on by any qualified surgeon, for a consideration, then the money value of such consideration shall be taxable in the hands of doner as income from other sources in the year of transfer."
Provided that if doner dies during transplant tax shall be recovered from donee itself..
For the removal of doubts, nothing shall be taxable after two or more transfers by the same person...
Anand
(Chartred Accountant)
(435 Points)
Replied 30 July 2010
No one can sell his body organs........... its illegal in India. So where the question of taxability arises???!!!!!!!!
Originally posted by : Anand | ||
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No one can sell his body organs........... its illegal in India. So where the question of taxability arises???!!!!!!!! |
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I AGREE WITH ANAND
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)