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.
