gift recevied on merriege amounting rd 250000 is taxable or fully exempt?
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Gift
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the gift if received from Relatives then it would be exempt.
Gifts received from relatives or non relatives on the occasion of marriage is exempt from tax
Dear Parth,
U/S 56(2)(vii) any gift received:-
(a) from any relative; or
(b) on the occasion ofmarriage ofthe individual; or
(c) under a will or by way ofinheritance; or
(d) in contemplation of death ofthe payer.
Is completely tax free.
In your case you have recieved gift on marriage the complete gift is tax free, whether it is received from relative or stranger doesnot matter.
Gift received on the occasion of marriage is tax free..
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