An employee receives a gift in kind of rs.8000,what is the taxable amount in d hands of employee?
6 Replies
NUKUL GARG
(Senior Associate Consultant)
(1231 Points)
Replied 19 September 2010
As the gift is received in kind from employer then upto 5000 is exempt so here 3000 in excess is taxable.
Sunshine
(Helping All)
(10575 Points)
Replied 20 September 2010
yeah....gift upto 5000 is not taxable...so 3000 will be the perquisite taxable in the hands of the employee in this case........
Santosh
(Student ( Final Year - New ))
(348 Points)
Replied 20 September 2010
| Originally posted by : Nukul Garg | ||
 |
As the gift is received in kind from employer then upto 5000 is exempt so here 3000 in excess is taxable. |
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CMA Thiru
(CA FINAL STUDENT)
(378 Points)
Replied 20 September 2010
yeah....gift upto 5000 is not taxable...so 3000 will be the perquisite taxable in the hands of the employee in this case........
J.MEENAKSHI SOWBARNIKA
(Chartered Accountant)
(92 Points)
Replied 20 September 2010
as per the income tax act of 1961 "It is customary in India, as it is in other parts of the world, to provide presents directly or indirectly in the form of vouchers or tokens to employees on social and religious occasions like Diwali, Christmas, New Year, the anniversary of the organization etc. Such gifts upto Rs.5000 in the aggregate per annum would be exempt, beyond Rs.5,000 it would be taxed as a perquisite. However, gifts made in cash or convertible into cash, like gift cheques etc. do not fall in the purview of this rule."
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