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Taxability of Gifts
if an employer gifts his employee on his wedding Rs.1,00,000. Is it exempt upto Rs.5000 or is it completely exempt?
Replies (3)
Gift given on wedding by non-relative that is employer is fully exempt.
Gift in the occasion of marriage is fully exempt irrespective of relative or non relative
1. Generally, any amount received as gift from an employer, if the monetary value of the gift exceeds Rs. 50,000 then the entire value of gift will be taxable as gift u/s 56(2)(x).
2. However, an exemption was provided where such gifts are received on occasion of the marriage of the individual.
3. In your case, Rs. 1 lakh gift was on occasion of marriage hence it will not be taxable in the hands of the employee.
Please correct me if the above solution has an alternative view.
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