Taxation u/s 56(2)(vii) of income tax act-gifts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2015
Mr.X receives Rs 5lakhs from Father-in-law as marriage gift. But Rs 5 lakhs is transferred from the bank account of a pvt. ltd company in which father-in -law is a director. Is this taxable under section 56(2)(vii) as gift in excess of 50000/-
26 February 2015
Father-in-law is a relative of Mr. X hence he can receive gift from him in excess of Rs. 50000/-. Even otherwise any gift received on the occassion of marriage even from a non relative is not chargeable even if it exceeds Rs. 50000. but in your case situation is different the gift money is transferred from the bank account of private company in which father in law was director. So from income tax point of view it is difficult to prove that the gift was made by your father in law.
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