salary
This query is : Resolved
16 April 2010
As we know that gift given to any person on occasion of marriage is exempted.
But shall the rule apply in case of gift given by employer to employee in same occasion because the rule stae gift in kind is taxable if exceed rs.5000 and cash gift is taxable from zero point.
for eg: gift given by employer to employee in occasion of marriage of rs.50000.
WHAT SHALL BE THE TREATMENT?
PLEASE ITS URGENT.
But shall the rule apply in case of gift given by employer to employee in same occasion because the rule stae gift in kind is taxable if exceed rs.5000 and cash gift is taxable from zero point.
for eg: gift given by employer to employee in occasion of marriage of rs.50000.
WHAT SHALL BE THE TREATMENT?
PLEASE ITS URGENT.
16 April 2010
Tax free vide clause (b) of second proviso to section 56(2)(vii) of the Income tax Act,1961.
16 April 2010
AGREE. GIFTS ON OCCASION OF MARRIAGE IS NOT CHARGEABLE TO TAX. FURTHER MARRIAGE GIFT MAY BE RECEIVED FROM RELATIVES, FRIENDS OR ANY OTHER PERSON.
18 April 2010
thanks a lot,sir
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