rishabh received the following gifts 150000 from employer 100000 from mother's sister 10000 on marriage amount of gift taxable? what will be the treatment of 150000 from employer?
1). 1,50,000 From Employer : Taxable under head Salary as perqusite because Any gift received from the employer, of a sum exceeding Rs 5,000, is treated as taxable compensation in hands of employee [as per Section 17(2)(viii) of the Income Tax Act, 1961 read with Rule 3(7)(iv) of the Income Tax Rules, 1962]. 2). 1,00,000 from mother's sister : Exempt as Gift from relative 3). 10,000 on marriage : Exempt if received on occasion of marriage(self).