Cash received on ocassion of marriage

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nawaz (Querist)
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13 December 2014 The exceptions to sec 56(2)(vii) contain 'any sum money' received on ocassion of the marriage of the individual is exempt fron income tax. Whether 'sum of money' is cash mode or through any banking channel or both and is there any limitations in cash mode? Whether the money in cash can be received from an NRI?

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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14 December 2014 Any sum of money received on the occasion of the marriage exempt from tax purview u/s 56(2)(vii).

1) There is no specific limit for gift received on marriage occasion and mode may be through cheque or cash or both. All mode are exempt.

2) Gift received from NRI also Exempt from tax .

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 December 2014 In addition to above, do get gift deed executed. There is no limit given but it will be better if the amount is received through cheque.

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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14 December 2014 Agreed with Sanjay.

Get through cheque but getting gift deed in marriage have practical problem.

Better to get gift through cheque.

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