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Can anyone please help me

Deepak (Student) (259 Points)

23 April 2011

can anyone tell me Taxable Perquisite Value of gift in kind given by employer to employee in excess of5000

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13 Replies

Pankaj Arora (Learner) (3134 Points)
Replied 23 April 2011

It will be added to employee income as perquisites

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Deepak (Student) (259 Points)
Replied 23 April 2011

suppose if gift value is 6000 so what amount will be taxable 1000 or whole 6000

Pankaj Arora (Learner) (3134 Points)
Replied 23 April 2011

whole amount Rs.6000 will be taxable...

1 Like

Gourav Kapoor (CA Final Student) (2977 Points)
Replied 23 April 2011

whole 6000 will be taxable...and gft must be in kind only....

Arniv Sharda (CA Final) (3006 Points)
Replied 23 April 2011

Originally posted by : Pankaj Arora
	It will be added to employee income as perquisites

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devendra (Manager Accounts & finance ) (108 Points)
Replied 23 April 2011

Dear All,

I have query regarding Windmill.

I am working in a Pvt. Ltd. Company, and for the tax benefit purpose in A.Y. 2012-13 I am planning to buy Windmill. It will be purely an investment by taking Loan & Own ie. 30:70(Loan) ratios. We don’t have any ideal fund to invest in this project. Our Profit will be higher to absorb Depreciation on Windmill this year.

Following are the Queries.

1. MAT is applicable to whom? Whether Company/Proprietor/Partnership?

2. Whether it is beneficial to take in Company’s Name or Individual Name?

3. Is DTC will impact to Co’s to avail Tax Credit of MAT ?

4. How can I avail 80IA benefit ?

5. MAT Credit can be c/f for how many years ?

6. 80IA available for how many years ?

7. Depreciation on Windmill as per Co’s Act ?

8. Depreciation on Windmill as per I.T. Act ?

Regards

Devendra

Sandeep Pandey (CA FINAL) (1306 Points)
Replied 23 April 2011

Originally posted by : Gourav
	whole 6000 will be taxable...and gft must be in kind only....

Shivangi Goswami (Student) (42 Points)
Replied 24 April 2011

Can anyone know that case study ask in info-technology in may'11 Pcc exams?

1 Like

Suresh Prasad (www.aubsp.com) (15630 Points)
Replied 24 April 2011

Originally posted by : Shivangi Goswami
	Can anyone know that case study ask in info-technology in may'11 Pcc exams?

I think no ...........!!!!!!!!

Click for

IPCC/PCC/Final RTP May 2011

1 Like

Gokul Viswanath Shenoy (Company Secretary & Finance Manager) (430 Points)
Replied 24 April 2011

whole of Rs.6000 wil be taxable..

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Richa Garg (Article) (36 Points)
Replied 24 April 2011

Originally posted by : Shivangi Goswami

Can anyone know that case study ask in info-technology in may'11 Pcc exams?
yes case study will be askedin IT & SMboth.

Ritesh Jain (CA, CS in Job) (675 Points)
Replied 25 April 2011

Yes, the perquisite value would be the market price of the gifted article. However, if the value of such gifts up to Rs.5,000 in the aggregate per annum would be exempt, beyond which it would be taxed as a perquisite. Gifts, which are made in cash or convertible into money (eg. Gift cheques) are not exempted.