04 December 2008
The company give a gift to a employee. Is the employee liable to pay income tax on above. And also is the company liable to pay FBT. The gift is not in kind. The value of gift exceeds Rs.50000/-
05 December 2008
employee is not lliable, employer has to pay FBT.The amount is irrelavant in this case. In other cases section 56 of income tax act,1961 is relavant.
CAclubindia
