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Income tax/gift tax

This query is : Resolved 
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(Querist)
07 December 2010 Due to some extraordinory performance, employer is given the employee gift in kind worth INR 500,000.
Please let me know the applicablity of tax and also the treatment if tax is applicbale.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
07 December 2010 495000 shall be treated as salary and be taxable as slab rate

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