Award from Employer
This query is : Resolved
30 July 2010
Hi,
Can any one tell me whether an Award received by Employee from employer in Cash or Kind is Taxable or not
Can any one tell me whether an Award received by Employee from employer in Cash or Kind is Taxable or not
30 July 2010
Yes taxable as perquisites.
As per section 17(2)(vi), Rule 3(7) vi if the employer has given gift to the employee in kind and aggregate value of all the gifts during a particular year is not exceeding rs. 5000, in that case it is exempt, otherwise excess over it is taxable.
As per section 17(2)(vi), Rule 3(7) vi if the employer has given gift to the employee in kind and aggregate value of all the gifts during a particular year is not exceeding rs. 5000, in that case it is exempt, otherwise excess over it is taxable.
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