plz tell me the gas subsidy in taxble income
6 Replies
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 01 August 2018
As per section 2(24) (xviii) of the Income Tax Act, LPG subsidy and other public welfare subsidies are now made taxable.
But the Centre clarified that LPG subsidy and other public welfare subsidies are not taxable in the hands of individual assessees.
But the Centre clarified that LPG subsidy and other public welfare subsidies are not taxable in the hands of individual assessees.
Miss Mansi Bhojani
(Practicing Chartered Accountant)
(1736 Points)
Replied 02 August 2018
Yes it is taxable, rightly stated
Raveesh Srivastava
(Article)
(111 Points)
Replied 02 August 2018
As per CBDT clarification-- Gas subsidy if received by an individual in personal capacity, the same shall not be taxable.
Miss Mansi Bhojani
(Practicing Chartered Accountant)
(1736 Points)
Replied 02 August 2018
Ya it ws error on my part, lpg subsidy is not taxable... its capital receipt
saurabh shahu
(Audit Assistant)
(142 Points)
Replied 02 August 2018
Dear Ankul,
Gas Subsidy received by Gas Company is Capital Receipt. therefore it is Not Taxable.
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