At the time of marriage a non related person gifts a cheque of rupees 23,000.
Is this amount is taxable or not.?
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Gift from non related person
Replies (5)
Gift received in Marriage of an Individual is exempt form Tax as per section 56(2) of the Income tax act 1961
confirm with others also.
Sir, but he is receiving cheque as a gift then also exempted aah..?
Where It is written in Income tax act 1961 ?. , that cheque received in marriage is Taxable in the hands of recipient , only the word Money is mentioned in proviso .
please inform .
As per section 56(2) , it is receipt of any sum on the occasion of marriage. So no problem in cheque.
1. According to sec 56(2)(x), any sum of money without consideration exceeds Rs. 50,000 in aggregate during the year will be taxable under the head Income from Other Sources.
2. However, the above provision will not be applicable if such a sum of money is received on occasion of the marriage of the individual.
3. In your case, gift received on occassion of marriage from a non-related person even if the same is received through cheque will not be subject to tax.
Please correct me if the above solution has an alternative view.
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