Salary

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ramya (Querist)
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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

CA Pallav Singhania (Expert)
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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...

@VaibhavJ

@VaibhavJ (Expert)
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17 October 2013 Hi Aryan can you support this with any reference.

Thanks

CA Pallav Singhania

CA Pallav Singhania (Expert)
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17 October 2013 Why not,
Surely...

https://www.indianexpress.com/news/paying-taxes-on-gifts-from-employers/963142/

regards,

Sanket

Sanket (Expert)
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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.

@VaibhavJ

@VaibhavJ (Expert)
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17 October 2013 thanks @ aryanji

CA Pallav Singhania

CA Pallav Singhania (Expert)
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17 October 2013 Your Most Welcome Vaibhav ji......

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 October 2013 Yes agreed with aryan fully taxable once amount exceeds the basic exemption.

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