Taxability of prepaid cards.
This query is : Resolved
19 November 2024
I got a VISA prepaid card as gift from my employer in USA during Diwali. It is 25$ ~ 2100INR. Do i need to report it in India if I am resident? I have read that there is a exemption of 5000 INR for each employer in India tax laws. Is it applicable to foreign employer?
19 November 2024
Yes, would be exempt under sec. 56(2) IT act.
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