rishabh received the following gifts
150000 from employer
100000 from mother's sister
10000 on marriage
amount of gift taxable?
what will be the treatment of 150000 from employer?
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Income from other sources
Replies (2)
Quick Summary
1). 1,50,000 From Employer : Taxable under head Salary as perqusite because Any gift received from the employer, of a sum exceeding Rs 5,000, is treated as taxable compensation in hands of employee [as per Section 17(2)(viii) of the Income Tax Act, 1961 read with Rule 3(7)(iv) of the Income Tax Rules, 1962].
2). 1,00,000 from mother's sister : Exempt as Gift from relative
3). 10,000 on marriage : Exempt if received on occasion of marriage(self).
2). 1,00,000 from mother's sister : Exempt as Gift from relative
3). 10,000 on marriage : Exempt if received on occasion of marriage(self).
150000 taxable under Salary
100000 and 10000 received are exempt
100000 and 10000 received are exempt
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