Taxable or not?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2010 when dowry is received before the occassion of marriage worth Rs 10 lakhs, is it taxable?
in whose hands?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

07 August 2010 This is treated as a gift and gift received on occasion of marriage ix exempt from tax.

Message likes : 2 times

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

07 August 2010 Not Taxable in following case:
any sum of money or any property received
(a) from any relative; or on the occasion
of the marriage of the individual; or
under a will or byway of inheritance or
(d) in contemplation of death of the payer
or donor; or
(e) from any local authority; or
(f) from any fund or foundation or
university or other educational
institution or hospital or other
medical institution or any trust or
institution; or
(g) from any trust or institution
registered under section 12AA.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2010 but if it is received before marriage? as gift is related to marriage it is exempt?

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)

07 August 2010 Even if it is before marriage & the gift can be linked with marriage, it will be exempt.

Message likes : 1 times

CA Sanat Pyne

CA Sanat Pyne (Expert)

07 August 2010 IT DOES NOT MEAN THAT GIFT SHOULD BE RECEIVED ON THA MARRIAGE DATE. IT MAY BE ON OR AFTER THE DATE OF MARRIAGE. IT IS TOTALLY DEPEPNDS UPON YOU , HOW YOU REPRESENT THE CASE BEFORE ITO.

Message likes : 1 times

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

07 August 2010 yes agreed to both experts, on occasion or after occasion its exempted form tax.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2010 Thanks for all the experts. I m clear now

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now