I got some money on my marriage, now my querry is
1) that money belongs to me or my wife??
2) if i deposited that money in bank is there any tax implication on that??
3) after depositing that money in bank, interest earned on that money is attracting any tax liability??
4) if i invest that money in my wife's name then income from that money who will be liable to pay tax??
5) is there any limit of receiving cash gift at marriage???
Kindly provide me the details.
Thanks
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
Shyam Joshi & Associates
Pune
B.Com
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Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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