Cash received on marriage

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2014 Hello Experts,

Last year on my marriage, I received sum of money in cash from my relatives and parents. I know this receipt is not taxable.
However, I would like to know that, whether could I add this cash into my balance sheet and increase the capital? or any kind of agreement or deed I have to prepare to add this cash in my balance sheet?

Thank you in advance sir.

Rupesh Jain

Rupesh Jain (Expert)

28 March 2014 if you take as gift from relatives then you have to make list of this gift.

huge amount given by one relatives then you have to recd. gift deed for that.
but ITO not belive on huge cash gift.

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 March 2014 if it is received on marriage...there is no need to make any deed...a list of the amounts received is sufficient...the right approach shall be to deposit the amount in bank account to establish your intent to disclose the amount fully.

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2014 Thank you sir,
Suggestion is very helpful.

But what if I did not deposit these cash and purchase asset from this cash money recently?

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 March 2014 well then you will have the invoices as evidence

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2014 Do you mean invoice of asset sir?

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 March 2014 you get the bill when you purchase something...right! that is called an invoice/bill etc etc