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Direct Taxation
Sec 56(2)(x) says any sum of money or value of property received on occasion of marriage is not to be taxed under IFOS and if the gift from employer if exceeds 5000 in aggregate in a year then the entire sum is taxable under the Income from salaries...if employer gifts a sum of Rs.50000 on marriage to his employee is it taxable entirely?or ?
Answers (4)
Sec 56(2)(x) says (x) where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017,â?? (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; And Proviso to this clause (x) saysProvided that this clause shall not apply to any sum of money or any property receivedâ?? (I) from any relative; or (II) on the occasion of the marriage of the individual; or (1) The amount received as gift from employer is not salary u/s 17 thus it is not taxable under Salaries (2) Even if the amount received is from employer but if it is on the occassion of the marriage of the individual and if such amount is equal to or less than (i,e does not exceed) Rs.50,000 then such amount is not chargeable under IFOS. Thus gift of Rs.50,000 from employer to employee on the occassion of marriage of employee is not taxable
Sudha Reddy
Sec 56(2)(x) says (x) where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017,â?? (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; And Proviso to this clause (x) saysProvided that this clause shall not apply to any sum of money or any property receivedâ?? (I) from any relative; or (II) on the occasion of the marriage of the individual; or (1) The amount received as gift from employer is not salary u/s 17 thus it is not taxable under Salaries (2) Even if the amount received is from employer but if it is on the occassion of the marriage of the individual and if such amount is equal to or less than (i,e does not exceed) Rs.50,000 then such amount is not chargeable under IFOS. Thus gift of Rs.50,000 from employer to employee on the occassion of marriage of employee is not taxable
Regarding your first point , it's a perquisite . If it was not a ocassion of marriage thn it's taxable . Regarding your second point , even if the amount gifted by employer is above 50k it's not chargeable under ifos bcoz that's a exception !!!
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