Taxability of Gifts
This query is : Resolved
06 October 2009
If a corporate wants to honour its long serving employees and decides to either give them a cash award of Rs 40K per person or some travel package or gold bar equivalent to Rs 40k, what will this be treated as in the hands of the employee? What about the corporate?
06 October 2009
gift above 5K will be taxable in the hands of employees as salary.
If the gift is for FY 2009-10 then there will be FBT implications, the same is for FY 2008-09 then company needs to pay the FBT on it.
If the gift is for FY 2009-10 then there will be FBT implications, the same is for FY 2008-09 then company needs to pay the FBT on it.
06 October 2009
This is taxable in the hands of the employees as perquisite irrespective of forms in which they are offered ( Cash/Travel Package /Gold bar.
Expenses will be allowed in the hands of corporate as business expenditure.Till 2008-09 corporate paid FBT now there is no FBT.
Expenses will be allowed in the hands of corporate as business expenditure.Till 2008-09 corporate paid FBT now there is no FBT.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Value of property in capital gain
- Annual return in Gst
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
