LPG Subsidy
hariprasad (chennai) (36 Points)
24 June 2019
If LPG subsidy received by individuals in their bank account is exempt or taxable?
3 Replies
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 24 June 2019
LPG Subsidy is shown as capital receipt, So it is chargeable and it will be treat as "Income from Other Sources" for Individual.
CA Navya Tejas
(Chartered Accountant)
(132 Points)
Replied 24 June 2019
Ministry of Finance has already clarified that LPG subsidies received by individuals in their bank account, is exempt from income tax. As it just a refund of amount paid in excess to the gas company.
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 24 June 2019
1. There has been a clear mandate given by the finance ministry that the LPG subsidy received will remain to be exempt. This statement was given by Finance minister during Finance Bill,2015. Till no provision particular notification or statements provided to this effect. Hence, it should be exempt.
Please correct me if the above solution has an alternative view
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