banner_ad

Cash gift received on marriage

This query is : Resolved 
Profile Image

Profile Image

(Querist)
01 July 2015 Hi if one received Rs 5 Lakhs in CASH gift in his/her Marriage ..what is the tax implication on such gift/income..and if its tax free then how should we show it in ITR if he/she is a salaried person and files ITR1 ?
Profile Image

CA. Sunil Gokhale

Profile Image

CA. Sunil Gokhale (Expert)
01 July 2015 Gifts from unrelated persons are taxable but this does not include gifts received on the occasion of marriage of the individual. This is not income at all. As it is not income the question of exemption does not arise. No need to disclose in ITR. If the amount has been deposited in the bank make sure to write a note on the counter foil of the pay-in-slip that the source is gifts on occasion of marriage for the purpose of future reference.
Profile Image

Rupesh Jain

Profile Image

Rupesh Jain (Expert)
02 July 2015 GIFT IS NOT TAXABLE RECD ON OCCASION OF MARRIAGE .
Profile Image

Atul

Profile Image

Atul (Querist)
02 July 2015 Thanks so much Sunil Sir ...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details