Cash Gift At Marriage

As per provisions of Income TAx cash gift received at time of marriage is exempt from tax. Now, if person giving gift has specified the person whom the gift was made, it will be considered income of such person. If not sp

As per provisions of Income TAx cash gift received at time of marriage is exempt from tax. Now, if person giving gift has specified the person whom the gift was made, it will be considered income of such person. If not specified it will be upon us to decide.

Any interest or such income received on such amount will be taxable in hands of person in whose name gift was made.

1. Money belongs to u.

2. No tax Implication as cash gift recd. in marriage is exempt from income tax.

3. Interest recd. will be taxable.

4. If u invest that money in the name of ur wife  then income generated from that investment will be clubbied with ur income.

Regards

Varun Makhija