Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Gift from Employer

Manish Makhecha (Article assistant) (79 Points)

01 January 2010

HELLOW FRIENDS

PLZ TELL ME THE PROVISION FOR TAXING GIFT FROM EMPLOYER

Reply
Follow
Share

10 Replies

SUNIL SINGH (ACCOUNTANTS AND INCOMETAX WORKS) (142 Points)
Replied 01 January 2010

SORRY OF ALL BY MISTAKE ONLY UNDERSTANDING AND ALL CORRECT ANSWAR EMPLOYER GIFT IS TAXABLE AS PER ACT

Upgrade to CAclubindia Pro. Subscribe Now!

Amir (Learner) (4016 Points)
Replied 01 January 2010

SUNIL MY FRIEND, I M AFRAID BUT U R INCORRECT AGAIN..GIFTS FROM EMPLOYER IS COVERED UNDER VALUATION OF PERQUISITE AND VALUE EXCEEDING RS. 5,000/- WILL BE TAXABLE AS SALARY...

THE PROVISION WHICH U HAVE MENTIONED SHALL APPLY IN CASE OF GIFTS RECEIVED FROM A PERSON OTHER THAN EMPLOYER...

3 Like

shuja khan (student) (59 Points)
Replied 01 January 2010

ya gift frm employer is taxable as perq..........

C.Balaji (Learner) (1867 Points)
Replied 02 January 2010

yes taxable as perks........

R!tu Ber! (Chartered Accountant) (405 Points)
Replied 02 January 2010

As always Amir is right again n i agree with him

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

NARENDER PAWAR (CA final Student) (337 Points)
Replied 02 January 2010

as per section 17(2)(vi), Rule 3(7) vi if the employer has given gift to the employee in kind and aggregate value of all the gifts during a particular year is not exceeding rs. 5000, in that case it is exempt, otherwise excess over it is taxable.