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Gift received in marriage is taxable

Tax queries 627 views 4 replies

Gifts received in cash and cheque in assessee daughter's marriage. The cheques are in name of assessee( Bride's father).The amount is worth 3lacs (i.e, 1.5lacs in cheques in name of assess and 1.5lacs received in cash). The assessee encashed the cheques and transferred the amount to daughters account. The cash was deposited in daughter's account.

Can you let me know whether the amount is taxable in the hands of assessee for the cheques received? And whether it is taxable in the hands of daughter?

 

Thanks.

 

Replies (4)

I think it will not be taxable. However, it is better to prepare some kind of document stating that the cheque was deposited, and later withdrawn from the account to be given it to the daughter.

it is not taxable but yes even i will suggest you to prepare some kind of document relating to this transaction.

Gift received on occasion of marraiage is fully exempted from tax u/s 56(2), irrespective of that fact that gift is being received in cash or kind.

Gift received on occasion of marraiage is fully exempted from tax u/s 56(2), irrespective of that fact that gift is being received in cash or kind.


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