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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
