Tax applicability on gifts to employee
This query is : Resolved
CA JAGADEESH
(Querist)
11 December 2012
One of our employee was gifted apple product for success of project, he was informed to purchase any apple product of his own choice for INR 100,000 and get reimbursed, please let me know tax consequences of that gift in had of employee i mean responsibility of employer while giving that reimbursement.. whether it should be taxed as perquisite @ employees Income slab rates or as gift tax @30% on INR 100,000 & pay balance INR 70,000...quick revert will be more helpful.
Soumitra Basu
(Expert)
12 December 2012
It will be taxed in the hands of the employee.
CA JAGADEESH
(Querist)
12 December 2012
It will be taxed at his slab rate or at MMR I.e 30%
CA JAGADEESH
(Querist)
12 December 2012
It will be taxed at his slab rate or at MMR I.e 30%
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