Gift from employer (pvt ltd) on occasion of marriage

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vishnu chitlangia (Querist)
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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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 August 2013 gift received on marriage is not taxable as per explanation to sec 56 (2).

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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.

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