Gift on marriage occasion.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 February 2012 Dear sir,
Whether the cash gifts received on the occasion of marriage would be allowed or not by assessing authority?
If yes, then upto what extent.
Thanks!

CA Rushikesh Kolhe

CA Rushikesh Kolhe (Expert)
Follow

15 February 2012 Gifts received in cash exceeding 50000 are liable to tax under head other sources.but this have certain exemptions , one of which is gifts received on marriage. There is no limit for the same. But same should be in reasonable limit. The limit changes according to capacity of person. But there is no limit specified in sec 56(2)(vii).

Querist : Anonymous

Querist : Anonymous (Querist)

15 February 2012 In above case, whether a gift deed is reqired?

CA. Hari Kishan

CA. Hari Kishan (Expert)
Follow

16 February 2012 Normally incase of gifts received on the occasion of marriage whether in the form of cash or kind are all exempted .. requirement of a gift deed may not be very apt to this situation.. however gift received on other occassions can be made on a stamp paper by drawing a gift deed..