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Gift on occasion of marriage
Taxability of gift received from employer on occasion of marriage in gold worth Rs 7 Lakh???
Replies (6)
Any sort of gift that is given on the occasion of wedding from immediate family gifts are not taxable under the Income Tax Act. If the gifts are from unrelated people, friends the maximum limit of the value of the gifts is Rs 50,000. After this limit the gifts will be taxable as per the slab.
Gift on the occasion of "marriage' is always exempt but not on the occasion of wedding anniversary.
Entire 7 lacs would be exempt in this case.
It is fully exempted
I hope you received them in bank
If it in cash then problem might happen
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