Dear all, First of all, wish you all a very happy Deepavali & God bless you all.
Can anybody share the tax treatment to Gift received from Employer & Relatives?
Thanks in advance.
From India, Kalyan
Can anybody share the tax treatment to Gift received from Employer & Relatives?
Thanks in advance.
From India, Kalyan
Dear Raj
Wishing you also a very Happy Diwali ....
Aggregate value of cash gifts received without consideration during a financial year (FY) would be taxable as other income in the hands of the recipient. However, if the aggregate value of such gifts is less than Rs 50,000, then it would be exempt from tax.
Regards
From India , Gohana
1Wishing you also a very Happy Diwali ....
Aggregate value of cash gifts received without consideration during a financial year (FY) would be taxable as other income in the hands of the recipient. However, if the aggregate value of such gifts is less than Rs 50,000, then it would be exempt from tax.
Regards
From India , Gohana
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Table showing tax treatment of provident funds.doc