Salary
This query is : Resolved
17 October 2013
In calculation of gift voucher -upto 5000 is exempted then if it exceeds 5000 that difference amount is taxable or the whole amount is taxable? example-if the amount is 6000 ,1000 is taxable or 6000 is taxable?
CA Pallav Singhania
(Expert)
17 October 2013
Up to 5000 exempt,
If it increases then the total would be come under the purview of tax..
in your case entire 6000 would be taxed...
If it increases then the total would be come under the purview of tax..
in your case entire 6000 would be taxed...
17 October 2013
Hi Aryan can you support this with any reference.
Thanks
Thanks
CA Pallav Singhania
(Expert)
17 October 2013
Why not,
Surely...
https://www.indianexpress.com/news/paying-taxes-on-gifts-from-employers/963142/
regards,
Surely...
https://www.indianexpress.com/news/paying-taxes-on-gifts-from-employers/963142/
regards,
17 October 2013
Circular No 15 dataed 12. 12. 2001 says " Gift ,
voucher or token in lieu of gift - It is
customary in India , as it is in other parts of the
world, to provide presents directly or indirectly
in the form of vouchers or tokens to employees
on social and religious occasions like Diwali,
Christmas, New Year , the anniversary of the
organization etc. Such gifts upto Rs . 5, 000 in
the aggregate per annum would be exempt ,
beyond which it would be taxed as a
perquisite . However , gifts made in cash or
convertible into cash , like gift cheques etc. do
not fall in the purview of this sub- rule ." So
amount exceeding 5000 is taxable except cash
gift which is fully taxable.
voucher or token in lieu of gift - It is
customary in India , as it is in other parts of the
world, to provide presents directly or indirectly
in the form of vouchers or tokens to employees
on social and religious occasions like Diwali,
Christmas, New Year , the anniversary of the
organization etc. Such gifts upto Rs . 5, 000 in
the aggregate per annum would be exempt ,
beyond which it would be taxed as a
perquisite . However , gifts made in cash or
convertible into cash , like gift cheques etc. do
not fall in the purview of this sub- rule ." So
amount exceeding 5000 is taxable except cash
gift which is fully taxable.
CA Pallav Singhania
(Expert)
17 October 2013
Your Most Welcome Vaibhav ji......
18 October 2013
Yes agreed with aryan fully taxable once amount exceeds the basic exemption.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
