Tax on gifted retail money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 December 2016
If somebody have a marriage and He has around 500 guests, and on an average they give you 500/- per person as a gift, ie 2,50,000/- rs, please inform if that income is taxable.
CA Suresh Jain
(Expert)
07 December 2016
Not taxable if you are talking of gifts received by bride or groom on marriage from persons other than relatives. In case of Gifts received by others even on the occasion of marriage of his/her relative --If aggregate of all the gifts, other than from the relatives as defined in Income Tax Act, exceeds Rs. 50k in a Financial Year the excess is taxable in the hands of the recipient
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