Perquisite valuation of employer gifts, vouchers and tokens turns on annual threshold exemption and full taxation beyond the limit. Valuation of gifts, gift vouchers and tokens received by an employee or household member from an employer is governed by a threshold-based perquisite rule. Under the later rule, the aggregate value during the financial year is fully exempt only where it does not exceed Rs. 15,000; once the limit is crossed, the entire amount becomes taxable as a perquisite, and the exemption operates as a threshold, not a deduction of the excess. Cash gifts and convertible-money gifts such as gift cheques are not exempt.