GST not payable on gifts not exceeding Rs. 50000 given by employer to an employee

In re Beumer India Pvt. Ltd. (GST AAAR Haryana) Sub-Section (2) of Section 56 of Income Tax Act 1961 taxes sums received under the Head ‘Income from Other Sources’. Clause (vii)(a) of sub-section (2) of Section 56 includes the sum of money where it exceeds Rupees 50000/- received by an Individual or an HUF without ‘consideration’ as the income from other sources, for taxing under the act. The clause (vii)(c) of the sub-Section (2) of Section 56 includes fair market value of a movable property where it exceeds Rupees 50000/ – received by an Individual or an HUF wit...