gift

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2011 what liability will arrise if an assessee would get a gift of 52000/- from his fionsee?

Aditya Maheshwari

Aditya Maheshwari (Expert)

04 January 2011 it would be taxable except if the same is near by the time of marriage.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2011 PLZ clear the "time near by" u mean & will be any change regarding ur answer if amount is 48000/-.

Aditya Maheshwari

Aditya Maheshwari (Expert)

07 January 2011 Near by means 15 days before marriage so that it could be said at the time of mariage.

If gift less than Rs. 50,000/- then not taxable.

Best is to give Rs. 3,000/- to ur fiancee and take rest Rs. 49,000/- as gift.

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2011 thanks for the reply sir but plz help me regarding the question ki can a assessee take gift more then Rs 50000/- and by retuning the excess amount(actual value of gift-50000) can he/she be on safer side ?
simply asking ki can assessee can evade tax doing so if any case law plz specefy.

Thanks,
regards
your FAN

Aditya Maheshwari

Aditya Maheshwari (Expert)

07 January 2011 Net gift amount would be less than 50k so it should not possess any problem.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now