Tax Query

Dear Mr. Pramod

Yes it will be taxable in the hands of employee........As he recd the gift from other than relatives & then he recd such gift for his daughter's marriage but the exempt in case of his/her marriage............

But one thing i would like to tell you that, if employee want to avoid tax then he can do so by not showing any gift ................

Hope u have no doubts.........

Sir,

Pls find the extract from new Perquisite rules which says gift in kind above Rs. 5,000/- will be taxable(which means the whole amount will be taxable.)

Originally posted by : Parmod Agarwal
	Dear All, Our Company provides the Kanyadan Amount on the Marriage of Daughter of the employee  as one month  Basic salary as a Gift  through Cash Voucher. Whether it is taxable or not in the hand of employee? Thanks Parmod

As per Section 56(vi) if amount received (except his/her marrige) as gift is less than 50,000 then it will be exempted but more than 50,000 full amount will be taxable.
 

But in case of hi/her own marrige full amount will be exempted.

Correct me if i am wrong.

ya Shudhanshu........u r correct

Originally posted by : Shudhanshu
	Originally posted by : Parmod Agarwal Dear All, Our Company provides the Kanyadan Amount on the Marriage of Daughter of the employee  as one month  Basic salary as a Gift  through Cash Voucher. Whether it is taxable or not in the hand of employee? Thanks Parmod As per Section 56(vi) if amount received (except his/her marrige) as gift is less than 50,000 then it will be exempted but more than 50,000 full amount will be taxable.   But in case of hi/her own marrige full amount will be exempted. Correct me if i am wrong.

No sudhanshu you are Incorrect, It is not taxabel under other sources but it is taxable as perquisite. So it is taxable in the hands of employee

Originally posted by : Atal Gurnani
	Originally posted by : Shudhanshu Originally posted by : Parmod Agarwal Dear All, Our Company provides the Kanyadan Amount on the Marriage of Daughter of the employee  as one month  Basic salary as a Gift  through Cash Voucher. Whether it is taxable or not in the hand of employee? Thanks Parmod As per Section 56(vi) if amount received (except his/her marrige) as gift is less than 50,000 then it will be exempted but more than 50,000 full amount will be taxable.   But in case of hi/her own marrige full amount will be exempted. Correct me if i am wrong.   No sudhanshu you are Incorrect, It is not taxabel under other sources but it is taxable as perquisite. So it is taxable in the hands of employee

Dear Ankur,
 

Gifts are not debited to salary account but they are debited to staff welfare and if there is a receipt from staff welfare then how can u take it as perquisite??? If u will treat it as perquisite than TDS u/s 192 will also be applicable. So for me it should not be treated as perquisite.

Dear Pramod,

If the amount of gift is received by

1) Employee (i:e Father) - It will be taxable as Salary..Since Gifts in cash to employees are taxable as perks..

2) Daughter - It will not be taxable since the amount is received on the ocassion of marriage..

If u have any further doubts then plz reply.....

If u want to avoid tax in case of employee, let the company show it as gift given to the person who is getting married.

Originally posted by : Kashyap Joshi
	If u want to avoid tax in case of employee, let the company show it as gift given to the person who is getting married.

Thats what i am saying, no employee wants to get a gift with tax liability when he can get it without tax liability.

shudhanshu is correct.........................

 it is exempt.......... in this case.......... as it is gift received on occassion of marriage............

yes, u can, but it happens very rear.