Cash as Wedding Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2011 Hi

Suppose I am going to receive Rs. 10 Lacs in cash as a wedding gift. As per my knowledge wedding gift is tax free. But i want to know:

1. What details should i keep ready in case of any assessment or inquiry?

2. Any other information regd. this will be helpful.

Thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 March 2011 Just make a gift deed. The person giving gift to you will give a declaration to this effect in a stamp paper. Usually it is on assessee to prove the source of the funds. If you obtain a gift deed it will be easy for you to prove the source of funds.

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Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2011 Thanks for the reply. Just one thing, If this cash is from Bride's parents, Will gift deed work in that case or do i have to arrange something else?

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2011 Thanks for the reply. Just one thing, If this cash is from Bride's parents, Will gift deed work in that case or do i have to arrange something else?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 April 2011 Gift Deed will be enough. Just show the transaction in both the file. The person giving gift should have the amount of cash in his/her file. If gifted by cheque the bank statement will also serve as an evidence.

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