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Taxability of gift in excess of 5000

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 January 2017 Dear Experts,
Our company has given the gift of Rs. 12000 to one of the employee. Pls clarify weather only 7000 will be taxable or full 12000

Also quote the rule or any circular in support of the same?

Regds
Anmol
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 January 2017 Only 7000 will be taxable.
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Querist : Anonymous

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Querist : Anonymous (Querist)
23 January 2017 Sir pls let me know under which sec, rule, circular only 7000 will be taxable



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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 January 2017 Section 17(2)(viii) read with Rule 3(7)(iv). Gift of cash will be taxable fully.

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