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)
sivasudhakar penneru
(articled student)
(21 Points)
Replied 02 June 2011
mounika
(semi qualified chartered accountant)
(981 Points)
Replied 02 June 2011
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
Ankit
(ca final)
(287 Points)
Replied 02 June 2011
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
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 04 June 2011
Singhania is correct .
Refer rule 3 for valuation of perquisites.
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