Gold jewellery tax treatment

Dear Vishnu,

Gifts from employers are taxable under head salary as perquisites.....vauation should exceed Rs. 5,000 for aggregate of gifts made in a FY.

GIFT RECEIVED FROM EMPLOYER IS EXEMPT FROM TAX .... AND THE EXEMPTION LIMIT IS RS 5000 ABOVE FIVE THOUSAND IT IS TAXABLE................

amir bhai, if the value of gift is 6,000. Then perquisite will be valued as 6,000. Please correct me if i am wrong.

I think the excess amount above 5000 is taxable

Dear Mohit and Vishnu,

There is no clarity as such that in this case amount in excess should be taxable or entire amount should be taxable.

But to tax entire 6,000 appears more appropriate. I have checkd most of the authors are of this opinion further as an assessee one wiould not like to take chances for this petty amount....

I WUD LIKE TO CORRECT ,GIFT IN EXCESS OF 5000 WILL ONLY BE TAXABLE.

LIKE,FOR ABOVE EXAMPLE 1000 WILL B TAXABLE NOT 6000 BUT IF GIFT IN CASH DEN COMPLETE AMOUNT WUD B TAXABLE

When worth of gift is in excess of Rs 5000 then amt in excess of Rs 5000 shall be taxable. so in the above question Rs (6000-5000)=Rs 1000 is taxable.

hi

i am attached about the Gift tax relating brief notes and it is also contained applicability of Gift tax rates