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Gift

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(Querist)
23 July 2010 Whether gift paid to employees such as watch, vehicle & other articles can be claimed as expense? If yes under what section?
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Gayathri Devi

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Gayathri Devi (Expert)
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.
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Rakesh Khanna

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Rakesh Khanna (Expert)
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.
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