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Taxability of gift
what is the exemption limit of gift in cash or in kind, which is received by employee from employer
Replies (3)
Gift valuing above Rs. 5,000/- shall be treated as perquistes.
If it is received in cash even
Any CASH Gift received by Employee from Employer is Taxable as Income from Salaries without any monetary limit.
Whereas Gifts in Kind or Vouchers up to Rs.5000 are Exepmt, but if the Value of Gift exceeds Rs.5000, the entire amount will be taxable.
For Ex: Gift in Kind Rs.4000... is fully Exempt
Gift in Kind Rs. 6000.... then Rs.6000 is taxable as Income from Salaries & not Rs.1000 i.e. (6000-5000)
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