Gift

parth shah (article) (89 Points)

04 July 2013

gift recevied on merriege amounting rd 250000 is taxable or fully exempt?

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Gunjan Tulsyan (Article) (222 Points)
Replied 04 July 2013

the gift if received from Relatives then it would be exempt.

CA.Vinita Gupta (Deputy Manager- Finance) (2918 Points)
Replied 04 July 2013

Gifts received from relatives or non relatives on the occasion of marriage is exempt from tax

CA Vinay parmar (Chartered Accountant) (1318 Points)
Replied 04 July 2013

Dear Parth,

U/S 56(2)(vii) any gift received:-

(a) from any relative; or

(b) on the occasion ofmarriage ofthe individual; 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.

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Akshata (CA Final ) (324 Points)
Replied 06 July 2013

Gift received on the occasion of marriage is tax free..

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