Salary
This query is : Resolved
17 October 2013
In calculation of gift voucher -upto 5000 is exempted then if it exceeds 5000 that difference amount is taxable or the whole amount is taxable? example-if the amount is 6000 ,1000 is taxable or 6000 is taxable?
17 October 2013
Up to 5000 exempt,
If it increases then the total would be come under the purview of tax..
in your case entire 6000 would be taxed...
If it increases then the total would be come under the purview of tax..
in your case entire 6000 would be taxed...
17 October 2013
Hi Aryan can you support this with any reference.
Thanks
Thanks
17 October 2013
Why not,
Surely...
http://www.indianexpress.com/news/paying-taxes-on-gifts-from-employers/963142/
regards,
Surely...
http://www.indianexpress.com/news/paying-taxes-on-gifts-from-employers/963142/
regards,
17 October 2013
Circular No 15 dataed 12. 12. 2001 says " Gift ,
voucher or token in lieu of gift - It is
customary in India , as it is in other parts of the
world, to provide presents directly or indirectly
in the form of vouchers or tokens to employees
on social and religious occasions like Diwali,
Christmas, New Year , the anniversary of the
organization etc. Such gifts upto Rs . 5, 000 in
the aggregate per annum would be exempt ,
beyond which it would be taxed as a
perquisite . However , gifts made in cash or
convertible into cash , like gift cheques etc. do
not fall in the purview of this sub- rule ." So
amount exceeding 5000 is taxable except cash
gift which is fully taxable.
voucher or token in lieu of gift - It is
customary in India , as it is in other parts of the
world, to provide presents directly or indirectly
in the form of vouchers or tokens to employees
on social and religious occasions like Diwali,
Christmas, New Year , the anniversary of the
organization etc. Such gifts upto Rs . 5, 000 in
the aggregate per annum would be exempt ,
beyond which it would be taxed as a
perquisite . However , gifts made in cash or
convertible into cash , like gift cheques etc. do
not fall in the purview of this sub- rule ." So
amount exceeding 5000 is taxable except cash
gift which is fully taxable.
17 October 2013
Your Most Welcome Vaibhav ji......
18 October 2013
Yes agreed with aryan fully taxable once amount exceeds the basic exemption.
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