in sec 17(2)(viii) OTHER FRINGE BENIFITS
How is gift taxable????????????
If gift in kind is worth 12.000
Is it fully taxable
or
only 7000( 12,000-5,000)
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Replies (5)
here...perquisite is sum equal to the amount of such gift. however where the value of such gifts and vouchers is below 5000/- in aggregate during the p-y, the perquisite shall be nil
if gift in kind 12000 thn full amount is taxable
under d head salaries , if gift is received in cash then total value of such gift is taxable. but if received in kind den total value of such gift less 5000 is taxable. so taxable value of gift is 7000
Yup frnd .
this is d contradiction.
As per Ahuja & singhania , if d value exceed 5000, balance is taxable
As per module & suggested answers of ICAI if gift/ voucher exceeds 5000 full amt is taxable
I am also confused
Singhania is correct .
Refer rule 3 for valuation of perquisites.
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