RECEIVED CASH/GIFT ON WEDDING

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This query is : Resolved

DHAVAL (Querist)

26 May 2010 DEAR SIR,

I KNOW THAT ANY GIFT RECEIVED IN CASH/KIND IS EXMPTED U/S. 56/2 WITH NO CELLING LIMIT.

I WOULD LIKE TO ASK YOU THAT MY MARRIAGE WILL BE ON 21/1/11. 1). CAN I ASK MY RELATIVES TO GIVE ME A CHEQUE AS WEDDING GIFT ? 2). MY MOST OF RELATIVES LIVING IS FOREGIN, CAN I TAKE CHEQUES FROM THEM IN FOREGIN CURRANCY & DEPOSITE THE SAME IN MY SAVING BANK ACCOUNT IN INDIA.

FURTEHR MY APPX GUEST WILL BE SAY 500. SO CAN I TAKE RS. 25000 ($ 500) CHEQUE FROM EACH INVITEES (FAMILY)

I WANT SHAW ATLEAST 1 CRORE AS MY WEDDING GIFT. IS THAT POSSIBLE ?

pLESE GIUDE ME.

CA. NIRMAL SINGH

CA. NIRMAL SINGH (Expert)

26 May 2010 YES, WEDDING GIFT IS NOT TAXABLE, NO LIMIT

CA Shiv

CA Shiv (Expert)

26 May 2010 yes you can definately take it and no problem in that...
But make sure one thing as it involves a big amount there are more chances of assessment.. SO have to think and show in ITR...

Chances of assessment is very high in your case. Also your other income will be considered.
Anyways you can do it... no probs... Best of luck for your marriage.....

Rahul Gupta

Rahul Gupta (Expert)

26 May 2010 Yes I think, Mr Shivang is right.

Message likes : 1 times

Rishab Mathur

Rishab Mathur (Expert)

26 May 2010 I agree with all our expert panel but I just want to add a point, you should be ready to demostrate the gifts you have recieved are bonafide especially from the spouse's side otherwise it can be construed as dowry and after the enactment of Prevention of domestic violance act, 2005 there are more stringent regulations. Its my advise to see this in light of these acts also apart from taxation.

CA Shiv

CA Shiv (Expert)

26 May 2010 agree to Mr. Rishabh.... since the amount is very big you have to see tax aspects very closely.....Indirectly it may involve dowry and enactment of prevention of domestic violance act....
In short prepare ITR carefully and get ready for assessment... Best of luckkkk...