hello friends..........
My question regarding VALUATION OR PERQUISITES BEING PRESCRIBED FRINGE BENEFITS TAXABLE IN HANDS OF ALL EMPLOYEES [ SEC. 17(2)(vi) & RULE 3 ]
gift including gift vouchers and tokens received by the employee on ceremonial occasions or other wise, is NIL IF THE VALUE OF SUCH GIFT IS LESS THAN RS. 5000 IN AGGREGATE DURING THE PREVIOUS YEAR,,,,.....OTHERWISE IT IS FULLY TAXABLE................
FOR EXAMPLE....
GOLD RING WORTH RS. 10000 WAS GIVEN BY EMPLOYER TO EMPLOYEE ON HIS 25th WEDDING ANNIVERSARY.......
THEN TREATMENT IS GOLD RING TAXABLE, AS IT IS NOT BELOW RS. 5000...SO FULL AMOUNT IS TAXABLE i.e 10000....
OR
TAXABLE AMOUNT IS RS. 5000 AFTER EXEMPTION OF RS. 5000......
PLZ SOLVED.....,,,...amount taxable is rs. 5000 or 10000.....
vipul jain
thanks in advance............
.
CAclubindia
