Dear all,
First of all, I wish you all a very happy Deepavali and God bless you all.
Can anybody share the tax treatment for gifts received from employers and relatives?
Thanks in advance.
From India, Kalyan
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First of all, I wish you all a very happy Deepavali and God bless you all.
Can anybody share the tax treatment for gifts received from employers and relatives?
Thanks in advance.
From India, Kalyan
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Dear Raj,
Wishing you a very Happy Diwali!
The 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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1Wishing you a very Happy Diwali!
The 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