Cash gift to employee less then 5000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 October 2015
Dear experts,
Weather cash gift to employee less then 5000, is taxable or not,
Regard
Pallavi Gupta
Weather cash gift to employee less then 5000, is taxable or not,
Regard
Pallavi Gupta
12 October 2015
If the aggregate value of gift received by the employee from employer, during the previous year, does not exceeds Rs. 5,000/- then such Gift is not taxable in the hands of employee. If gift received during the previous year exceeds Rs. 5,000, then whole amount of gift received will be chargeable to tax.
Refer Rule 3 of Income tax Rules.
Refer Rule 3 of Income tax Rules.
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