Gift Voucher: Any cash given as a gift by the employer is regarded as perquisites and is fully taxable in the employee’s hands. However, if the employer gifts in kind (other than cash) to the employee, then such perquisites would also be taxable in the employee’s hands.
Benefit: If Gift Value is more than 5000/- than it will be taxable.
Mode of Gift:
1.Cash
2. Voucher or Coupons
** If Gift voucher received from Employer than it is consider as a Perquisite.
** It shall be taxable under the head of "Income from salary."
** The Gift vouchers given by your family and friends shall be taxable if the value is more than Rs. 50,000 in a financial year.
** It shall be taxable under the head of " Income from other Sources.
** If received cashback or reward from Companies:
These cashback rewards shall be considered gifts and taxable if the total of such rewards received in a financial year is more than Rs.50,000. It will be taxable under the head ‘Income from other sources’ as per the Income Tax Act.
Important Point of Gift Voucher:
** if Gift Value Less than 5000/- than exempted and if Gift value more than 5000/- than whole Value should be Taxable.
Link-Perquisites - National Highways Infra Trust (hrstop.com)