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of <h1>Income Tax Rule 3(7)(iv): Gifts, vouchers under 5,000 non-taxable; excess value taxable. Cash gifts always taxable.</h1> Rule 3(7)(iv) of the Income Tax guidelines addresses the valuation of gifts, vouchers, or tokens received by employees or their household members from employers. If the total value of such items is less than 5,000 during the previous year, it is not taxable. However, if the value equals or exceeds 5,000, the amount beyond 5,000 is taxable. Gifts in the form of cash or convertible money, such as gift cheques, are not exempt from taxation.
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