cash received

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Prakash (Querist)
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16 December 2009 Any individual received 4 lacs from his father-in-law at the time his marriage without any document or deed. can u tell me this amount is taxable income under IT act?

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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16 December 2009 The source should be established when huge money is involved.

Either you have to get a "Gift Deed" from your "kind" father-in-law to confirm the gift or you should be ready to pay income-tax thereon.

Even if he confirms as "gift" he has to show the source of such huge money kept in cash.

Ca Rakhecha,Surat

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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16 December 2009 agree with surendra sir

Heera Nahariya

Heera Nahariya (Expert)
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16 December 2009 Though the contentions of Sir Surendra & Sir Murtaza is acceptable as far as practicality is concerned but no monetary limit has been specified under section 56 in relation to gifts received from one's relatives at the time of his/her marriage.