Cash gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2013
Dear expert, I received a sum of Rs 51000/- shagun(cash gift) on my MARRIAGE on 30.12.12 from MY EMPLOYER. What is the tax treatment for the ends i.e employer as well as employee.
03 April 2013
Gifts received at the time of Marriage is exempted to tax. So in your case it is exempted income since no tax liability on such gift amount.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2013
But the company said that this is taxable as company xgiven it is as gift.
And what if the company paid shagun in
employee's son/daughter marriage. Co. is in impression that this cash gift is also taxable in the hand of the employee.
And what if the company paid shagun in
employee's son/daughter marriage. Co. is in impression that this cash gift is also taxable in the hand of the employee.
03 April 2013
In any case any gift paid at the time of Marriage shall be exempted to tax even though employer and employee relation ship exists between payer and payee. So it is exempted to tax.
In case gift paid at the time of marriage of the employee's son/daughter then such gift made by the company to the employee's son/daughter so employee doesn't involved in this situation as well as gift in the hands of employee's son/daughter also exempted to tax because of gift received at the time of marriage.
OM SAI SRI SAI JAI JAI SAI
In case gift paid at the time of marriage of the employee's son/daughter then such gift made by the company to the employee's son/daughter so employee doesn't involved in this situation as well as gift in the hands of employee's son/daughter also exempted to tax because of gift received at the time of marriage.
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
