If a firm has gifted a car to their super stockist on achiving the sales targets.
Please clarify me is it covered under Gift Tax, if yes then what is the applicable rate at present.
Also is it covered under any other tax.
3 Replies
Rachit
(Ca-Final Article.)
(565 Points)
Replied 17 February 2011
If the car gifted by the company to its stockist for achiving sales target..........
than it is taxable under head salary..................
Amount Exempt max Rs 5000 and remaining shall become taxable if it is a new car.............
BDS Sandher
(_)
(38 Points)
Replied 17 February 2011
Dear Rachit,
Super stockists are not salaried persons that getting salary from the firm.
Super stockist is the one who stocks company's product to
further supply to the wholesalers, dealers, retailers. Most important thing is that the all the stocks
are paid.
Rachit
(Ca-Final Article.)
(565 Points)
Replied 18 February 2011
thanks for correcting me sir..........
and then the same amount shall be taxable as gift.............
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