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Gift to employee

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(Querist)
28 October 2015 Dear experts,
Gift given to employee on this diwali by employer are subjected to FY 2014-15, or 2015-16,

Plz confirm..
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
28 October 2015 If the aggregate value of gift received by the employee from employer, during the previous year, does not exceeds Rs. 5,000/- then such Gift is not taxable in the hands of employee. If gift received during the previous year exceeds Rs. 5,000, then whole amount of gift received will be chargeable to tax.

Refer Rule 3 of Income tax Rules.
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kankit

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kankit (Querist)
28 October 2015 Dear sir my query still unresolved suppose mr. X is employed in xyz limited however xyz limited is deducting TDS of mr. X u/s 192, lets assume that if company has given the gift of rs. 10000 to mr. X on this diwali 11/11/2015, therefore this 10000 is taxable, plz tell me weather this gift given on 11/11/2015, is to be consider in FY 2015-16, for TDS deduction, or this is related to FY 2014-15
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