There is bad news for you if your boss showered you with expensive gifts

If an employee receives a present from a business acquaintance, it is tax-free unless items include jewellery, bullion and property, among other things

Surat-based diamond merchant Savji Dholakia gifted around 600 cars to his employees as Diwali gift this year. Some employees also received flats and cash, say reports. While it's good to have a large-hearted employer, the onus of paying tax on these gifts lies with the recipient employee. 

Any gift from an employer to employee is taxable as perquisites, if it crosses Rs 5,000. In the income tax return (ITR) form, these are taxed under the head 'salaries'. The limit of Rs 5,000 is for the entire financial year. "An employee receiving the gift of a car or house has to