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Aayush Gupta (Manager)     04 August 2021

Income tax on Amazon Gift Card received from Employer

Hi Gurus

My employer has given gift cards to me in the last financial year (Amount: 30,000). However, the same has been captured under the head Value of perquisites under section 17(2) (as per Form No. 12BA, wherever applicable). Can I claim a tax deduction on this amount as it was in the form of a Gift? If yes, under which section and how much amount can be claimed under deduction?

Thanks

Aayush



 6 Replies

Sourav

Sourav (Student)     04 August 2021

Yes it should be treated as gift from employer
Aayush Gupta

Aayush Gupta (Manager)     04 August 2021

Can you share under which section deduction can be claimed while filing ITR?

CMA Poornima Madhava

CMA Poornima Madhava (CMA)     04 August 2021

Gifts from employer up to Rs.5k pa is exempt. Anything exceeding the limit would be fully taxable.
1 Like
Sourav

Sourav (Student)     08 August 2021

Agree with poornima
Aayush Gupta

Aayush Gupta (Manager)     08 August 2021

If I were to claim a deduction of Rs 5000, under which section can I claim while filing ITR

CMA Poornima Madhava

CMA Poornima Madhava (CMA)     09 August 2021

It's not a deduction. Disclose it under exempt income.

1 Like

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