Income tax and gift tax
This query is : Resolved
20 June 2013
Dear experts,
My friend gets salary of Rs 225000/-pa. The company giving a house worth Rs 50lacks with a consideration to work for 5 years. The company will enhance salary of 10laks for one year for five year it will be 50lacks.the Company will say you have to pay income for Rs 10lacks every year for five years, totally for 50 lacks.
If he receives house worth Rs 50lacks as a gift from company what will be the gift tax?
And he agree to pay income tax for 50lacks in 5 years, wht will be the income tax.
Please suggest.
Thanking you all
My friend gets salary of Rs 225000/-pa. The company giving a house worth Rs 50lacks with a consideration to work for 5 years. The company will enhance salary of 10laks for one year for five year it will be 50lacks.the Company will say you have to pay income for Rs 10lacks every year for five years, totally for 50 lacks.
If he receives house worth Rs 50lacks as a gift from company what will be the gift tax?
And he agree to pay income tax for 50lacks in 5 years, wht will be the income tax.
Please suggest.
Thanking you all
Rupesh Jain
(Expert)
22 June 2013
income tax on salary will taxed as accural or received as earlier
and on property is consider as gift and taxable in employee head under salalry
due to property given by empoyer to employee
and on property is consider as gift and taxable in employee head under salalry
due to property given by empoyer to employee
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