Cash gift to employee less then 5000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 October 2015
Dear experts,
Weather cash given to employee on diwali less then 5000 is taxable or not...
Plz confirm....
Weather cash given to employee on diwali less then 5000 is taxable or not...
Plz confirm....
23 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.
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 October 2015
Sir, this is cash given as gift
23 October 2015
No .... Such amount is not taxable in the hands of Employee too.
Since it does not comes under the definition of perquisite given under section 17 read with the rule 3 of Income tax rules.
Since it does not comes under the definition of perquisite given under section 17 read with the rule 3 of Income tax rules.
23 October 2015
It covers cash gift also.
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