Taxability of Gifts
This query is : Resolved
06 October 2009
If a corporate wants to honour its long serving employees and decides to either give them a cash award of Rs 40K per person or some travel package or gold bar equivalent to Rs 40k, what will this be treated as in the hands of the employee? What about the corporate?
06 October 2009
gift above 5K will be taxable in the hands of employees as salary.
If the gift is for FY 2009-10 then there will be FBT implications, the same is for FY 2008-09 then company needs to pay the FBT on it.
If the gift is for FY 2009-10 then there will be FBT implications, the same is for FY 2008-09 then company needs to pay the FBT on it.
06 October 2009
This is taxable in the hands of the employees as perquisite irrespective of forms in which they are offered ( Cash/Travel Package /Gold bar.
Expenses will be allowed in the hands of corporate as business expenditure.Till 2008-09 corporate paid FBT now there is no FBT.
Expenses will be allowed in the hands of corporate as business expenditure.Till 2008-09 corporate paid FBT now there is no FBT.
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