Gift by company to employee
This query is : Resolved
22 June 2013
A pvt ltd company wants to gift cash of Rs. 1,50,000/- to one of its employees for purchase of car.Can the company claim it as an allowable expense under Income tax act?Will such sum of money attract tax in the hands of employee?
22 June 2013
company can not give cash above rs. 20000/-
other wise it include in income of company.
and if other wise given then rs. 150000/- include in salary income of employee.
other wise it include in income of company.
and if other wise given then rs. 150000/- include in salary income of employee.
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