Faiz Alam (Employee) (68 Points)
21 February 2014Hello Everyone,
If I recieve gift worth Rs. 55,000/- on my wedding from my friend. Do I need to pay tax on that?
If yes, tell me how the Income Tax people come to know that I have recieved so much amount of gift? 
Arpit Pachisia
(CA)
(734 Points)
Replied 24 February 2014
Hello,
Any amount of gift received during the occassion of marriage is totally exempted from the tax liability.
So don't worry, even ITO came to know regarding gift, you don't had to pay any tax.
Arpit Pachisia
(CA)
(734 Points)
Replied 24 February 2014
From the sources and talkings, they came to know how much you spent on the wedding. Than they come to you and ask from where you got such big amount of money and demand for proper justification.
CAclubindia
