Account Related Quary

This query is : Resolved

Megha Shah (Querist)
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15 June 2010 Dear Sir,

Please tell us that we have got the money in the ocation of Marriage so in this case, which account cab be considered in account writing properly?

We hope we got quick answer from you

Thank you.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 June 2010 Since it is a gift ,you can treated as gift received

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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15 June 2010 IT WILL BE TREATED AS GIFT RECEIVED ON OCCASION OF MARRIAGE, WHICH IS TOTALLY TAX FREE.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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15 June 2010 Gifts are exempted from India gift tax in the following cases: The gift was given by a blood relative, irrespective of the gift value.

Further there is express provision to consider a gift from unknown persons under clause VII of section 56 (2) of the I T Act . However the proviso to said section 56(2) provides certain exception under which section 56(2) is not applicable

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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15 June 2010 Any gift received by an individual on the occasion of his/her marriage would also not be taxable. It is customary to receive gifts of money and kind on the occasion of marriage.

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