Cash gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2013
Dear expert, I received a sum of Rs 51000/- shagun(cash gift) on my MARRIAGE on 30.12.12 from MY EMPLOYER. What is the tax treatment for the ends i.e employer as well as employee.
03 April 2013
Gifts received at the time of Marriage is exempted to tax. So in your case it is exempted income since no tax liability on such gift amount.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2013
But the company said that this is taxable as company xgiven it is as gift.
And what if the company paid shagun in
employee's son/daughter marriage. Co. is in impression that this cash gift is also taxable in the hand of the employee.
And what if the company paid shagun in
employee's son/daughter marriage. Co. is in impression that this cash gift is also taxable in the hand of the employee.
03 April 2013
In any case any gift paid at the time of Marriage shall be exempted to tax even though employer and employee relation ship exists between payer and payee. So it is exempted to tax.
In case gift paid at the time of marriage of the employee's son/daughter then such gift made by the company to the employee's son/daughter so employee doesn't involved in this situation as well as gift in the hands of employee's son/daughter also exempted to tax because of gift received at the time of marriage.
OM SAI SRI SAI JAI JAI SAI
In case gift paid at the time of marriage of the employee's son/daughter then such gift made by the company to the employee's son/daughter so employee doesn't involved in this situation as well as gift in the hands of employee's son/daughter also exempted to tax because of gift received at the time of marriage.
OM SAI SRI SAI JAI JAI SAI
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