computed with reference to year in which the previous owner first held the asset and not the year in which taxpayer became the owner of asset. In this respect, you may rely on the decision of Bombay High court in the case of CIT vs Manjula J Shah and the Delhi Tribunal in the case of Kamal Mishra vs ITO and claim the indexation benefit considering FY1998-99 as the base year.
I am a technical director in a private limited company. On successful completion of a particular project, my employer gave me a gift voucher of R50,000. Will this amount be taxable in my hand?
— Vikas Kumar
The value of any gift, or voucher, or token in lieu of which such gift received by the employee or by member of his household on ceremonial occasions or otherwise from the employer is taxable as perquisite. Where the value of such gift, voucher or token, as the case may be, is below R5,000 in the aggregate during the previous year, it is not taxed as a perquisite. In your case, the value of gift voucher exceeds R5,000. Therefore, the entire amount will be taxed as perquisites in your hand.
The writer is founder of RSM Astute Consulting Group
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