Gift on occasion of marriage
CHARU TYAGI (1 Points)
25 June 2021
Taxability of gift received from employer on occasion of marriage in gold worth Rs 7 Lakh???
6 Replies
Prabhat Pandey
(210 Points)
Replied 25 June 2021
Any sort of gift that is given on the occasion of wedding from immediate family gifts are not taxable under the Income Tax Act. If the gifts are from unrelated people, friends the maximum limit of the value of the gifts is Rs 50,000. After this limit the gifts will be taxable as per the slab.
singarsri
(22 Points)
Replied 25 June 2021
Gift on the occasion of "marriage' is always exempt but not on the occasion of wedding anniversary.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 25 June 2021
Entire 7 lacs would be exempt in this case.
veerendar singh
(tax consultant)
(3306 Points)
Replied 26 June 2021
I hope you received them in bank
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 24 July 2021
If it in cash then problem might happen
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