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taxability of gifts

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(Querist)
04 March 2010 An employee recieves a gift(in kind) from his employer. the aggregate value of which exceeds rs 50000.

is it taxable in the hands of employee according to recent amendments and if yes then under which head-u/h salary or u/h I/O/S ?

pls help me
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Rahul Vora

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Rahul Vora (Expert)
27 March 2010 When there exists an employee - employer relationship and anything is received from the employer by the employee, then such receipt, in cash or kind, is to be considered as salary.

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