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Gift perks - taxability

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(Querist)
04 March 2014 If a company pays Rs 5000/- via interbank transfer to all employees on occasion of Diwali.

What is the tax treatment in hands of employee?

What if employee submits the bill of
purchase of gift worth Rs 5000/- ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
04 March 2014 Gifts not exceeding Rs. 5,000/- are EXEMPT in the hands of the employee.
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
04 March 2014 below rs. 5000 will not be considered as perquisite. not taxable to employee.

above rs 5000 will be table under head salaries.
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Anuja

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Anuja (Querist)
05 March 2014 Limit of Rs. 5000/- is available in case of cash ????
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