perquisite u/r 3(7)(iv)

This query is : Resolved

Share Report Follow Query Ask a Query

shashank

shashank (Querist)
Follow

16 November 2009 whether gift card of say Rs. 6000/- given to employees would be a taxble perquisute u/r 3(7)(iv)

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
Follow

16 November 2009 Gift upto Rs. 5000 in agrregate per employee is exempt. Your question suggests you have spent Rs. 6000 for all employees. If so it would not be taxed as perquisite provided per employee gift does not exceed Rs. 5000.

shashank

shashank (Querist)
Follow

16 November 2009 you mean to say that Rs1000/- per employee will be taxable ??

Since gift card can be expended in any establishment can it not be said to be convertible in cash and the entire amounrt of Rs6000/- is taxable??

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
Follow

16 November 2009 I am sorry, i have overlooked the word gift card. if it's in the nature of gift voucher the whole amount is taxable as gift made in convertible into money.

You are right.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SARAVANAN PALANISAMY

Prashant Kotecha

Subbiah S

Aishwarya N

CA Bijo scaria

Subscribe Now

perquisite u/r 3(7)(iv)

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

CA Final

GST CONSULTANCY

GST CONSULTANT

Accountant