Shares given by trust is perquisities or gift tax
This query is : Open
20 May 2011
Hi,
Infosys recently gifted shares to its employees via Infosys welfare trust. This has not been shown in Form 16. Should this be considered perquisites or can be considered in gift tax ambit where upto50000 is exempt.
Regards
Vijay
Infosys recently gifted shares to its employees via Infosys welfare trust. This has not been shown in Form 16. Should this be considered perquisites or can be considered in gift tax ambit where upto50000 is exempt.
Regards
Vijay
21 May 2011
REFER TO THE CASE CIT & Anr. v. Infosys Technologies Ltd. (2007) 15 (I) ITCL 181 (Karn-HC) : (2007) 293 ITR 146 (Karn) '
THIS IS THE CASE DEALING WITH THIS ISSUE
CA MANOJ GUPTA
JODHPUR
09828510543
THIS IS THE CASE DEALING WITH THIS ISSUE
CA MANOJ GUPTA
JODHPUR
09828510543
Message likes :
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22 May 2011
Appreciate your quick response Manoj.
After reading the jist of the case, my understanding is that it is not considered as perquisite hence doesn't come under tax liability.
Please clarify when the IT returns are filed, should this be declared under exempt income or no mention is required.
Regards
Vijay
After reading the jist of the case, my understanding is that it is not considered as perquisite hence doesn't come under tax liability.
Please clarify when the IT returns are filed, should this be declared under exempt income or no mention is required.
Regards
Vijay
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