As the gift is received in kind from employer then upto 5000 is exempt so here 3000 in excess is taxable.

yeah....gift upto 5000 is not taxable...so 3000 will be the perquisite taxable in the hands of the employee in this case........

yeah....gift upto 5000 is not taxable...so 3000 will be the perquisite taxable in the hands of the employee in this case........

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."

3000 TAXABLE