Taxability of Gift
This query is : Resolved
Abhishek Chhapolika
(Querist)
02 December 2010
Hi Friends,
I want to know if an Indian Assessee received $ 20,000 gift from their fiancee that is residing in foreign country before marriage then whether it is taxable in India or exempted in India? Explain clearly with reference to case law or with the help of section.
Hi Friends,
I want to know if an Indian Assessee received $ 20,000 gift from their fiancee that is residing in foreign country before marriage then whether it is taxable in India or exempted in India? Explain clearly with reference to case law or with the help of section.
Aditya Maheshwari
(Expert)
02 December 2010
If you can show it is nearly at the time of mariage then the same can be claimed as exempt u/s 56(2). If not then it will be taxable as husband - wife relationship does not subsist at the time of giving loan. Also if given after mariage it will be subject to provisions of clubbing.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
