As per my knowledge,gift received from blood relative is exempted from income tax.I just want to know if gift receiver is owner of sole proprietery firm then can he take amount of gift received as a working capital for his firm?
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177846 Points)
Replied 28 August 2018
One gift is received, the receiver can utilize it as s/he wishes. No restriction on its usage .......be it as working capital......... or any investment........ or any expenditure..... i.e it becomes personal capital/asset of receiver.
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