Q.My friend got married in 2004. In 2011 i gifted him say., Rs.100,000 as his Marriage Gift. Is this a taxable one or is exempt as it is a marriage gift?
Prashanth
(Chartered Accountant)
(2322 Points)
Replied 02 February 2012
Hi,
As per Sec-56(2)(vii) it is taxable in the hands of your friend because in the provision it is said that the so called gift(Rs.100000) will be exempted from the tax when it is received on occassion of marriage....But in your case it is received after such marriage.
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
CAclubindia
