Gift
This query is : Resolved
12 August 2014
A person received gifts of Rs.75000 on 10.03.2014 from her father-in-law and received Rs.11000 each from her 10 friends at the time of her marriage on 11.03.2014.
Gifts from friends is not taxable by virtue of clause b of second proviso to Sec.56(2)(vii) . But what about Rs.75,000?
Gifts from friends is not taxable by virtue of clause b of second proviso to Sec.56(2)(vii) . But what about Rs.75,000?
Nikhil Kaushik
(Expert)
12 August 2014
both are exempt. where is the confusion. the gifts received on marriage are exempt irrespective of donor. Post marriage, gift from father-in-law will be exempt but from friends (if in excess of Rs 50000) wont be exempt
12 August 2014
She received the gift from her father in law before the marriage..The relationship didnt exist before the marriage right... Is it still exempt?
Nikhil Kaushik
(Expert)
12 August 2014
your query suggest that she received on marriage day. in case, she received before marriage, then it would be taxable - the whole amount.
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