Tax on Gift
This query is : Resolved
jaytilak mohanty
(Querist)
19 July 2011
Sir
The company announces gift schemes for Sales Representatives and Team Leaders for promotion of sales. the gift includes Microwave, Home theater, Grinder etc. please help me that if there is any tax liability on the hands of recipients or the company should deduct TDS on gift amounts.
Thanks
The company announces gift schemes for Sales Representatives and Team Leaders for promotion of sales. the gift includes Microwave, Home theater, Grinder etc. please help me that if there is any tax liability on the hands of recipients or the company should deduct TDS on gift amounts.
Thanks
CA PARAS BAFNA
(Expert)
19 July 2011
Gift in kind is exempt up to Rs. 5000/ in aggregate.
Beyond Rs 5000/ it is taxable.
Employee has to deduct TDS on the amount exceeding Rs 5000/- under Section 192.
Beyond Rs 5000/ it is taxable.
Employee has to deduct TDS on the amount exceeding Rs 5000/- under Section 192.
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