01 July 2015
Hi if one received Rs 5 Lakhs in CASH gift in his/her Marriage ..what is the tax implication on such gift/income..and if its tax free then how should we show it in ITR if he/she is a salaried person and files ITR1 ?
01 July 2015
Gifts from unrelated persons are taxable but this does not include gifts received on the occasion of marriage of the individual. This is not income at all. As it is not income the question of exemption does not arise. No need to disclose in ITR. If the amount has been deposited in the bank make sure to write a note on the counter foil of the pay-in-slip that the source is gifts on occasion of marriage for the purpose of future reference.
CAclubindia
