Gift from marriage is it taxable

Tax queries 869 views 7 replies

If a father gifts a DD of above 1 Lakh is it taxable

Replies (7)

It is not taxable in the hands of the recipient as father is a relative and gifts from relatives are not taxable

Gift Received from Relative Any sum of money or kind received as gift from relatives will not be taxable at all means there is no limit specified for amount (gift) received by relative hence any amount received by relatives is not taxable e.g If your brother gift u Rs 50, 00,000 than it will not be taxable in the hand of recipient (you). Here Relative term include following Relatives Your spouse Your brother or sister Brother or sister of your spouse Brother or sister of either of your parents Any of your lineal ascendants or descendants Any lineal ascendant or descendant of your spouse. Spouse of the persons referred in above points Gift received On occasion of the marriage of the individual. Gift received by any person (without limit) on the occasion of the marriage is tax free in the hand of individual (recipient).

My question is with regards to Clubbing. This is because any irrevocable tranesfer without consideration is clubbed in the hand of transferor. Eg: I gift sum of Rs. 50,00,000 to my brother. My brother invested said sum in Shares. Now clubbing Prov. says Inocme/Loss from the said share should be clubbed in my hand.

Any gift received on the occassion of marriage is not taxable.

No its not taxable as he received from relatives.on other part gift received on ovation of marriage it is not taxable.

The amount received in Form of gift in marriage is not taxable, completely exempted

Gift received during the occasion of marriage is exempt from tax and gift received from relatives are not taxable.


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