Some companies give bonus to their employees on Diwali. Bonus money is added to the salary of the employee, it is considered as part of the salary itself. Then tax is levied according to the tax slab. Bonus money is fully taxable.
Diwali is about to come. Diwali is at the end of this month. With the passing of Dussehra, Diwali gifts start being distributed. Different types of gifts are distributed in this. Companies give gifts to their employees. Along with this, people also give gifts to their relatives, relatives, relatives and companions. On this occasion, companies also give bonus to their employees. If you are also going to get a gift or bonus, or have received it, then once you must know the rules related to its tax. Be it a gift or a bonus, or a gift of money, it is important to know its tax rules.
The special definition of gift has been given in the Income Tax guidelines. Gift means any amount of money received (monetary gift), certain movable properties (gift of movable property), special movable properties received at a low price, immovable properties received without any consideration (gift of immovable property) and immovable If the property is acquired at a low cost, then it is considered as a gift. There is a tax rule on monetary gifts. But there is also a provision for some special tax exemption in a financial year.
When will tax not be charged
If a monetary gift is taken from the people of your special relationship, that is, a gift in rupees and money, then there is no tax on it. If this gift is taken from wife or husband, brother, sister, parents or other family members, then no tax is levied on it.
In case of HUF, money received as a gift from someone on the occasion of marriage, money received by inheritance, money received after the death of the donor, money received from local authority, fund from any fund, foundation, university, medical institution, There is no tax on the money received from the merger or de-merger of the company.
Tax on Diwali gifts
Archit Gupta, CEO and Founder of Clear, tells Mint, Diwali brings with it lights, gifts and happiness. But this gift may cost you, in the form of tax. Archit Gupta says, if a gift or voucher of less than Rs 5,000 is received in a financial year, then there is no tax on it. If you receive a gift or voucher of more than Rs 5,000, this amount will be added to your salary and taxed as per your tax slab. For example, suppose you get Rs 5,000 as a gift on Diwali, then Rs 3,000 on Christmas. In this way, you will have to pay tax on Rs 3,000.
Tax on bonus
Some companies give bonus to their employees on Diwali. According to Archit Gupta, bonus money is added to the salary of the employee, it is considered as part of the salary itself. Then tax is levied according to the tax slab. Bonus money is fully taxable.
