Priyanka Chopra is liable to pay tax on Toyota car, says ITAT – EconomicTimes

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  • Last Updated on 26 October, 2020

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Economictimes ““As the additional benefit received by Chopra was part and parcel of the agreement she had entered into to promote the Toyota Greenathon Campaign, it was rightly held by the tribunal that the value of the car shall be included in her professional income,” said Rakesh Bhargava, director at Taxmann, a publisher on taxation and corporate laws.
 

Bhargava added that had she claimed that the car was a ‘gift’ to her from Toyota and not given to her by virtue of being the brand ambassador of the event, it would have been exempt from tax. “As per provisions of Section 56, only gifts in the form of money, immovable property, shares, jewellery, etc, are taxable and any gift of a movable property like a laptop or a car is out of the preview of gift tax,” Bhargava said.”

 

 

Read the full story here: Priyanka Chopra pay tax on Toyota, Taxmann

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