hello, i am working in a partnership firm,
if the firm pay Rs 1000000.00 to his or her employee as gift, what is income tax or tds liability of the firm and as well the employee.
please advice.
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Gift of ra 10,00,000.00
Replies (6)
Rs. 50,000.00 is exempt but balance amount of Rs. 9,50,000.00 will be taxable under the head "income from other sources" (slab rate applicable) while filing your return.
Thanks,
Please also advice about the firm (Giver) tax laibility.
Actually as you (employee) are receiving gift from the firm, the whole amount will be taxable under the head salary and will be treated as your salary income. The firm can claim such amount as salary expense.
Sorry i didn't read your query carefully. Sorry!!
Sorry i didn't read your query carefully. Sorry!!
@ Mr.Sarthak ji
This gift is taxable under which head?
income from other sources or as Salary in hands of employee.??
This gift is taxable under which head?
income from other sources or as Salary in hands of employee.??
Under the head Salary
Thanks you sir
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