Gift on the occasion of marriage.
This query is : Open
15 February 2012
Dear sir,
If an individual receives a gift of Rs. 200000/- lacs in cash, from his father-in-law on the occasion of his marriage. whether the said gift would be allowed by Assessing Authority as exempt ?
Regards !
If an individual receives a gift of Rs. 200000/- lacs in cash, from his father-in-law on the occasion of his marriage. whether the said gift would be allowed by Assessing Authority as exempt ?
Regards !
15 February 2012
Yes. Gift received on occasion of marriage from anyone is exempt from tax. Also there is no limit in this regard. So in the given case gift will be fully exempt in the hands of recipient.
15 February 2012
Agree with Expert. Sec 56(2)(VI) of income tax act, 1961 has exempted any amount of Gift from Relatives.
Thanks
Mihir Doshi
Thanks
Mihir Doshi
15 February 2012
Agree with Expert. Sec 56(2)(VI) of income tax act, 1961 has exempted any amount of Gift from Relatives.
Thanks
Mihir Doshi
Thanks
Mihir Doshi
15 February 2012
Agree with Expert. Sec 56(2)(VI) of income tax act, 1961 has exempted any amount of Gift from Relatives.
Thanks
Mihir Doshi
Thanks
Mihir Doshi
15 February 2012
Whether, the said gift has to mention in income tax return or not ?
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