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)
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)
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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