Dear All
my brother in law taken cheque in his marriage fromFather in Law of Rs 400,000. Cheque credited in the account after marriage. He is about to filling ITR. Please advise how to deal with the matter ASAP
You immidiate reply will be much appricaited
Thanks
Manish
Dear manim Sharma.,
The entire amount is exempt, as the same is received during marriage
Hi Manish
Full amt of Rs.400000/- is exepmt as per sec 56(2)(vi) & (vii) of IT Act 1961. Read these section carefully from Income Tax site, you will find the answer and Rs.400000/- will be trf to Capital account.
Just dont worry. Its simply dowry. Indian IT law is never against dowry. Thats why we call it marriage gift. 
Ya above answers are correct.... It is fully Exempt as it was got on the occasion of marriage....
Exempt as is received on marriage
ya its true gift received from anyone during the time of marriage is exempt from tax.there is no limit on the amount
| Originally posted by : Ronen | ||
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Hi Manish Full amt of Rs.400000/- is exepmt as per sec 56(2)(vi) & (vii) of IT Act 1961. Read these section carefully from Income Tax site, you will find the answer and Rs.400000/- will be trf to Capital account. |
 |
| Originally posted by : Ronen | ||
|
|
Hi Manish Full amt of Rs.400000/- is exepmt as per sec 56(2)(vi) & (vii) of IT Act 1961. Read these section carefully from Income Tax site, you will find the answer and Rs.400000/- will be trf to Capital account. |
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satisfies 2 conditons for exemption...
1.received in marriage
2. received from relative as father in law also taken in list of relative in case of gift.
Enjoy with the amount of Rs 400000/-, it is totally exemt as per IT ACT.
Gift on marrige fully exampt
CAclubindia
