Gift
This query is : Resolved
23 July 2010
Whether gift paid to employees such as watch, vehicle & other articles can be claimed as expense? If yes under what section?
24 July 2010
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.
26 July 2010
You are asking about the allowability of the expense in the hands of employer, whose income is taxable under the head Income from Business & Profession"
Yes, generally such expenses can be claimed as deduction under section 37 subject to such gifts not falling under the catagory of perquisites.
Yes, generally such expenses can be claimed as deduction under section 37 subject to such gifts not falling under the catagory of perquisites.
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