LONG TERM SERVICE AWARD TAXABILITY

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....ONG TERM SERVICE AWARD TAXABILITY<br> Query (Issue) Started By: - Mahendra L Dated:- 9-3-2016 Income Tax<br>Income Tax<br>Kindly clarify about the following as I got two different rules as per I.T.Act....

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.... 1961. (i.e) one from I.T Circular and another one from I.T.Manual As per circular: For gift received in Cash / cheque from Employer is taxable in the hands of employee. Say, &#8377; 50,000/- receive....

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....d by employee from Employer in the form of Cheque as 10 YEARS SERVICE AWARD. As per I.T.Manual: For gift received in cas/ cheque exceeds &#8377; 5,000/- is taxable. So, in this case, taxable will be ....

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.... RS.45,000 (i.e. &#8377; 50,000-RS.5,000) Kindly clarify and state me the correct rules to be followed. Thanks Regards, Mahindran.<br> Discussion Forum - Knowledge Sharing ....