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Gift by company to employee

This query is : Resolved 
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(Querist)
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?
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Rupesh Jain

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Rupesh Jain (Expert)
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.
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