Gift under sec 56
This query is : Open
Mayank Chawla
(Querist)
05 October 2012
Dear Friends
Suppose i have received Rs 2 crore in my marriage but half the amount received is in my bro's account and some amount in my papa's account and the remaining amount in my account.
Now i am confused that in whose return the amount of gift is exempt. Since the same amount is shown in my account as well as in my bro's and my papa's account.
Plz reply as soon as possible.
Thanks...!!!!
Suppose i have received Rs 2 crore in my marriage but half the amount received is in my bro's account and some amount in my papa's account and the remaining amount in my account.
Now i am confused that in whose return the amount of gift is exempt. Since the same amount is shown in my account as well as in my bro's and my papa's account.
Plz reply as soon as possible.
Thanks...!!!!
CA.Sourabh Sethia
(Expert)
08 October 2012
if the gift amount is yours it should be trf to your a/c from your bro's and papa
since the same is taxable in the hands of them.
since the same is taxable in the hands of them.
Mayank Chawla
(Querist)
09 October 2012
but the same amount will be shown in bank accounts...
And can i take advantage of this situation, by showing some extra amount as marriage gift.
And can i take advantage of this situation, by showing some extra amount as marriage gift.
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