perquisite u/r 3(7)(iv)
This query is : Resolved
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
(Expert)
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.
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??
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
(Expert)
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 are right.
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