Dear sir ,
My client is LIC Agent his income covered under Business or Professional
1) He gave Rs.200000/- Transfer to his Sister 's Daughter. and
2) He purchased Jwellery for Mother. This both are Avail Deduction for My client. he deducted in his Total Income?
please explain above two cases.
Regards,
Chandrakant Parmar
Gift given by cash or kind is not deductible as expense from taxable income.
CAclubindia
