Account Related Quary
This query is : Resolved
Megha Shah
(Querist)
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.
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
(Expert)
15 June 2010
Since it is a gift ,you can treated as gift received
15 June 2010
IT WILL BE TREATED AS GIFT RECEIVED ON OCCASION OF MARRIAGE, WHICH IS TOTALLY TAX FREE.
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
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
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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