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Under GST and Income tax what will be

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(Querist)
29 December 2024 what will be impact under GST and income tax gift by employer to employee
In cash and in Kind
Rs. 5 Lakh
whether under income tax will be fully taxable or TDS also applicable
under GST whether on less than 50K and above 50 K what will be impact.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
30 December 2024 As far as the employee is concerned the income tax threshold is Rs 5,000, beyond which
she/ he is liable to pay tax on the gift received from the employer, whether in cash or kind.
Gifts and perquisites supplied by companies to their employees are taxed under GST. Gifts up to a value of Rs 50,000 per year by an employer to his employee are outside the ambit of GST.
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