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.
CAclubindia
