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Gift of ra 10,00,000.00

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B.Com
46 Points Posted on 22 July 2020
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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On 22 July 2020 at 23:53 Report
Replies (6)
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Student
232 Points Posted on 23 July 2020
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.
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On 23 July 2020 at 12:52
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B.Com
46 Points Posted on 23 July 2020
Thanks, Please also advice about the firm (Giver) tax laibility.
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On 23 July 2020 at 20:05
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Student
232 Points Posted on 23 July 2020
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!!
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On 23 July 2020 at 20:31
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Tax and Business Consultant
11616 Points Posted on 24 July 2020
@ Mr.Sarthak ji
This gift is taxable under which head?
income from other sources or as Salary in hands of employee.??
66 Reply
On 24 July 2020 at 19:02
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Student
232 Points Posted on 24 July 2020
Under the head Salary
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On 24 July 2020 at 19:04
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Tax and Business Consultant
11616 Points Posted on 24 July 2020
Thanks you sir
66 Reply
On 24 July 2020 at 19:05


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