Gift recieved on ocassion of marriage
This query is : Resolved
20 February 2014
A is an assessee who is going to marry on 24th feb 2014. He is importer and exporter of industrial tools. On the ocassion of his marriage the supplier of the assesee which are basically from hong kong, taiwan and dubai wants to gift fifteen lacs rupees.
Now the query is whether such amount is taxable or not in the hand of assessee in India?
I have read section 56(2)(v) according to which it is exempt but is there any other provision under which such gift is taxable and any other provision of income tax is applicable on him?
Now the query is whether such amount is taxable or not in the hand of assessee in India?
I have read section 56(2)(v) according to which it is exempt but is there any other provision under which such gift is taxable and any other provision of income tax is applicable on him?
20 February 2014
gifts on occasion of marriage is not taxable under sec 56(2)
20 February 2014
Only those Gifts which r received from relatives r exempted from tax.
The aggregate of gifts received above Rs. 50000 is fully taxable.in ur case whole Rs. 15L os Taxable.
The aggregate of gifts received above Rs. 50000 is fully taxable.in ur case whole Rs. 15L os Taxable.
21 February 2014
Agreed with tushar.
Not taxable if received on the occasion of marriages & on where gift from out of India is taxable
Not taxable if received on the occasion of marriages & on where gift from out of India is taxable
22 February 2014
under which section gift on ocassion of marriage from outside india is taxable
24 February 2014
Manish, it is not taxable irrespective of from whom you have received the gift on the occasion of marriage. you can ignore Manish's remarks.
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