i got a prize worth of rs. 11,700/- from chermas,hyd. the company people demanded me to pay rs. 3580/- towards gift tax. as per my knowledge upto rs. 50,000/-is exempted from gift tax. please give me clarification.
Request you to help me in knowing more about Gift TAX:
I have won Rs. 50000 Gift voucher from Samsung against purchase of some article, and now company is asking Rs. 15300 @30.6% against the Gift TAX liabilities.
According to my studies, I found that for the FY 06-07 the TAX law says that till Rs. 50000 no GiftTax needs to be paid and second if at all any tax needs to be paid then it must be from the donor side.
Request for clear directives for the above mentioned query.
RE:Query on Gift Voucher
by Fonseca on Oct 12, 2006 04:26 PM Permalink
I have been told in order to reduce tax liability (not to evade), i could take my rewards and recognition/ bonus (amtg to Rs. 50K) in the form of Sodexho Gift Coupons, is it correct.
How much tax would be charged to the company since the coupons are booked by the company and I would then have to reimburse the tax component.
Dear Sir, I have a query on Gifts. If my net taxable income is Rs 3.0 Lakhs and I gift my wife a ring worth Rs. 20,000, will my tax liability reduce to 3,00,000 less 20,000=Rs 2,80,000? Or will it remain 3 Lakhs and my wife is not subject to tax. Thank You NA Moitra
My company is giving me a bonus of 80000Rs. Is it possible for me to get a Gift worth (40000 - a Laptop) and take another 40000 as Cheque. In order to save the tax on 40000 (Gift)?
Or I have to pay tax on entire 80000 even if I get a Laptop from company as gift.
Who and how much tax would be there on receipent is specified in this article. But, please make me clear what will be charged on donor. I mean if i give some some gift to my parents than would that aount get excempted from taxable income of mine. If yes, than what is the maximum limit of that gift amount i can give per year?
