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Taxation of gift on occasion of marriage

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(Querist)
16 April 2018 Mr.X is going to marry very soon.
His friend Mr.Y is going to gift him free of cost immovable property
What is taxability of such gift?
How to make gift deed?
Any tax payable on stamp duty valuation?
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
16 April 2018 Gift on marriage is tax free. Gift deed is required to be made in prescribed format.
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CA SUNIL K GARG

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CA SUNIL K GARG (Expert)
17 April 2018 pls refer to section 56 (2) x, gift recd on marriage of individual is exempt from tax .




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