04 July 2014
I got married on 13th march 2013 bt I received few gifts on dis occasion on 7th march nd got it deposited in bank on 8th march.. can I claim for deduction though it is deposited before wedding day?
04 July 2014
Gift (whether cash or kind) received from any person on the occasion of the marriage of the gift’s recipient would not be liable to income tax at all. Even there is no monetary limit attached to this exemption, which is provided by the provision to Section 56(2)(vi). However, it is not made clear by this provision whether the gifts should have been on the exact date of marriage, or a few days before or later. So you can take exemption if gift received on this occasion before wedding day.
04 July 2014
THE WORD USED IN SECTION IS OCCASSION AND NOT DAY OF MARRIAGE. THE OCCASION IS VERY WIDER TERM . HENCE YOU CAN CLAIM THE EXEMPTION ON THE GIFT RECD , EVEN FEW DAYS BEFORE OR AFTER THE MARRIAGE.
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