Cash gift in marriage

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This discussion clarifies the income tax implications of receiving cash gifts for a marriage, particularly amounts over Rs 2 lakh. While gifts from relatives are generally acceptable, exceeding the Rs 2 lakh limit from a single source, even from a father, may attract an income tax notice. Providing proof of marriage and a list of cash gifts, ensuring no single gift exceeds Rs 2 lakh, is crucial for justifying the amount and potentially waiving penalties.

Kulbhushan Sharma

Kulbhushan Sharma (Querist)
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11 June 2020 Dear Sir, If any one deposit amount above rs 2 lakh in saving account cash gift recieved in own marriage given by father and recieve an income tax notice under 271da.if proof of marrige cash gift is provided then this would be justifiable to income tax for waive of penalty.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 June 2020 Yes provide proof of marriage and list of cash gift not exceeding Rs 2 lacs from one person. It would be justifiable to income tax for waive of penalty.

Kulbhushan Sharma

Kulbhushan Sharma (Querist)
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12 June 2020 Thank you sir for giving your time and share your advise.
But if father given daughter amount exceeding 2 amount and this is recieved from single person in that case it is acceptable ?.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 June 2020 Not acceptable...................

Kulbhushan Sharma

Kulbhushan Sharma (Querist)
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12 June 2020 Ok thank you very much sir.
I was thinking in that way that under gift act gift given by relative may be justifiable.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 June 2020 Welcome....................

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