Cash gift on marriage
This query is : Resolved
04 August 2012
Dear Sir,
my net total income in 2011-12 F.Y is rs.2 lakhs
i got married in june & received approx rs.1 lakh as cash gifts from several persons.
should this also be added to my assessable income? pls clarify.
my net total income in 2011-12 F.Y is rs.2 lakhs
i got married in june & received approx rs.1 lakh as cash gifts from several persons.
should this also be added to my assessable income? pls clarify.
04 August 2012
Dear Shanker,
Gift (cash or kind) received on the occasion of marriage is exempted from tax u/s 56(2)(vi).
The following documents are required to maintain.
1. Copy of Marriage invitation.
2.List of names of donors with name & amounts.
Gift (cash or kind) received on the occasion of marriage is exempted from tax u/s 56(2)(vi).
The following documents are required to maintain.
1. Copy of Marriage invitation.
2.List of names of donors with name & amounts.
04 August 2012
Hence Rs.1 L which is received on marriage will not be assessed as Income.
Message likes :
1 times
04 August 2012
Gift Received at the time of marriage , whether in cash or kind are exempt. So no tax on Rs. 1,00,000
Message likes :
1 times
04 August 2012
sir does it mean i can credit 2 or 3 lakhs also & prepare a list of names? how will ITO check it?
04 August 2012
Dear Shanker,
Section 56(2)(vi) is very clear that gift received on marriage occasion is completely exemted.
There is no monetary limit.
Even if it Rs.1 Crore, same will not be taxed as long as required information/documents are maintained.
Section 56(2)(vi) is very clear that gift received on marriage occasion is completely exemted.
There is no monetary limit.
Even if it Rs.1 Crore, same will not be taxed as long as required information/documents are maintained.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- EXPORT COMMERCIAL INVOICE HSN CODE
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Cash balance limit and property purchases limit
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
