gift received in Marriage

gift received in marraige are exempt

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

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