Gift from employer (pvt ltd) on occasion of marriage
This query is : Resolved
01 August 2013
Hi,
What would be taxability of Gift received by permanent employee on the occasion of marriage from his employer being a Pvt. Ltd. company incorporated in India as below:
a) Gold Coin worth Rs. 2.5 Lac
b) Rs. 50,000/- in Cash
Please suggest with section if any.
Reg,
Vishu
What would be taxability of Gift received by permanent employee on the occasion of marriage from his employer being a Pvt. Ltd. company incorporated in India as below:
a) Gold Coin worth Rs. 2.5 Lac
b) Rs. 50,000/- in Cash
Please suggest with section if any.
Reg,
Vishu
01 August 2013
gift received on marriage is not taxable as per explanation to sec 56 (2).
31 August 2013
Provided further that this clause shall not apply to any sum of money or any property received—
(a) from any relative; or
(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer or donor, as the case may be; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or
(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or
(g) from any trust or institution registered under section 12AA.
(a) from any relative; or
(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer or donor, as the case may be; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or
(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or
(g) from any trust or institution registered under section 12AA.
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