Employer gift

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15 February 2016 Employer Gifted exactly Rs.5000/- Is it Taxable

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 February 2016 Not taxable.

If the aggregate value of gift received by the employee from employer, during the previous year, does not exceeds Rs. 5,000/- then such Gift is not taxable in the hands of employee. If gift received during the previous year exceeds Rs. 5,000, then whole amount of gift received will be chargeable to tax.

Refer Rule 3 of Income tax Rules.