Employer gift
This query is : Resolved
Guest
Guest
(Querist)
15 February 2016
Employer Gifted exactly Rs.5000/- Is it Taxable
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.
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.
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