gift

jatin ravaria (ARTICLE & CA FINAL) (143 Points)

25 March 2011

when employee gets car as a gift from employee then there is any way from which employee need not have to pay any tax on such gift?

plsss rly

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6 Replies

Pankaj Arora (Learner) (3134 Points)
Replied 25 March 2011

If employer did not gift car from company’s fixed asset than don’t show this car in your return as perquisite otherwise you have to pay tax…

1 Like

CA Saiyum khan (Practicing CA) (690 Points)
Replied 25 March 2011

If the car is in the fixed assets block of the company then make a sales agreement in the name of the family member of the employee at nominal value.

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U S Sharma (glidor@gmail.com) (21063 Points)
Replied 25 March 2011

Originally posted by : jatin ravaria
	when employee gets car as a gift from employee then there is any way from which employee need not have to pay any tax on such gift? plsss rly

car gift from emplyee to employee? if the employee has car from his tax paid income, then he can book the gift under value of 50000/-

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Ashish Jain (.Net Developer) (641 Points)
Replied 26 March 2011

employee to employee not employer to employee

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jatin ravaria (ARTICLE & CA FINAL) (143 Points)
Replied 26 March 2011

sorry ......car gift from emploter to employee

Pankaj Arora (Learner) (3134 Points)
Replied 26 March 2011

If employer giving gift to employee from his personal money than only of Rs.50000 gift will be exempt …

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