Gift on marriage
This query is : Resolved
25 February 2018
sir /madam how much amount gift can be taken on marriage what document required and can gift taken by cash
25 February 2018
gifts received by the bride and the groom, on the occasion of their wedding, are exempt from tax.
Gifts with a monetary value of over Rs 50,000, received from anyone other than a defined relative, is subject to tax in the hands of the recipient
Any cash gifts received may also be documented (with details such as names of persons who have gifted the sum, and quantum), on a conservative basis. As the same may be sought by the tax authority in case questions arise. The total value of gifts received on the occasion of marriage are per se not income under section 56(2)(x)
Gifts with a monetary value of over Rs 50,000, received from anyone other than a defined relative, is subject to tax in the hands of the recipient
Any cash gifts received may also be documented (with details such as names of persons who have gifted the sum, and quantum), on a conservative basis. As the same may be sought by the tax authority in case questions arise. The total value of gifts received on the occasion of marriage are per se not income under section 56(2)(x)
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