Gift to employee

Venkateshwara Prabhu

Under the head "salary" and whole amount is taxable as gift value is more than 5000rs

Deepak Gupta

Taxable as perquisite under the head 'Income from Salary'.

Sudha Reddy

Gifts up to Rs. 5,000 in the aggregate per financial year would be tax exempt in the hands of the employees. The excess value of gift over and above Rs. 5000/- would be taxed as a perquisite in the hands of the employees.

Thread Starter

Excess over 5000 is taxable, not the whole amount in case of gift in kind. Check.

Deepak Gupta

In study material, ICAI has given both the approaches: Approach-1: If above 5k, then entire amount taxable Approach-2: Amount above 5k will be taxable Dr. Girish Ahuja book says: Amount above 5k will be taxable In exam: Solve as per ICAI Approach-1 and give note for Approach-2

Deepak Gupta

In study material, ICAI has given both the approaches: Approach-1: If above 5k, then entire amount taxable Approach-2: Amount above 5k will be taxable Dr. Girish Ahuja book says: Amount above 5k will be taxable In exam: Solve as per ICAI Approach-1 and give note for Approach-2