If you have a generous employer like Savji Dholakia, the Surat-based billionaire diamond merchant famous for gifting flats and cars to his employees on Diwali, it could get taxing while filing returns next year. Employees need to pay tax on any gifts received from an employer that has a market value of over Rs 5,000.
“Such gifts are added to income from other sources. The employer deducts tax at source based on the applicable tax slab and deposits it with the income tax department. If the value of the house is Rs 50 lakh, the receiver needs to pay Rs 15