Gift(taxability and accounting)

shivam bhatia (231 Points)

14 February 2023  
A person received a gift from a proprietorship firm on the occasion of marriage , Now the gift received in the hands of an individual is not taxable.

Can the proprietorship firm claim expenditure?

If yes then what's the accounting entry for this?

is it that simple to claim revenue expenditure?

is it revenue or capital expenditure?