Gift

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Jairam J (Querist)
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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?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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

Jairam J

Jairam J (Querist)
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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

Nikhil Kaushik (Expert)
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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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