Monetary Limit Set For Tax Exemption On Gifts

According to the Department, the Tax Code does not require income tax to be levied on income equivalent to 4000 rubles or less if it was received by the taxpayer in the form of a gift from an organization.

The Tax Code’s position on exempting taxpayers from income taxation on revenue received, equivalent to 4000 rubles or less, in the form of a gift from an organization does not depend on what form such a gift takes (monetary or otherwise) for the individual’s benefit (Ministry of Finance Letter #N 03-04-06-01/302 from November 23, 2009.)