Salary : tax on better work award

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2014 I am a psu employee and my employer given me an award Rs. 225,000 for better work, and doing better job I am spend around 150000 on R&D. how I can save tax on it. Is it any tax remedy is available in this regard. Please suggest me.

Rupesh Jain

Rupesh Jain (Expert)
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24 June 2014 any cash award recd by the employee from his employer will be taxable. if your recd gift then gift value exceeds rs. 5000/- will also taxable in hand of employee.

in your case award will taxable in your hand.

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2014 Sir,
i am spend Rs. 150000 for R&D to earn award. How this expenses are adjust in my income.

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Rupesh Jain

Rupesh Jain (Expert)
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24 June 2014 no under the salary head no exp. will allowed.