16 November 2009
Gift upto Rs. 5000 in agrregate per employee is exempt. Your question suggests you have spent Rs. 6000 for all employees. If so it would not be taxed as perquisite provided per employee gift does not exceed Rs. 5000.
16 November 2009
I am sorry, i have overlooked the word gift card. if it's in the nature of gift voucher the whole amount is taxable as gift made in convertible into money.
CAclubindia
