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Gift received on marriage

darshan.s.darji (student) (74 Points)

13 March 2018

money received from a friend as a gift who resides abroad before six months of marriage of assessee is taxable or not?

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14 Replies

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 13 March 2018

NOT TAXABLE IN THE HAND OF ASSESS EE

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 13 March 2018

AS GIFT RECEIVED FROM ANYONE IN MARRIAGE IRRESPECTIVE OF AMOUNT IS NOT TAXABLE

G Vijaya Kumar (Audit Assistant) (556 Points)
Replied 13 March 2018

Yes it's not taxable.

darshan.s.darji (student) (74 Points)
Replied 13 March 2018

I m confused cos gift is given 6-7 months before marriage date

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 13 March 2018

GIFT SHOULD BE RECEIVED ON THE DATE OF MARRIAGE

darshan.s.darji (student) (74 Points)
Replied 13 March 2018

what is the situation if we have confirmation from the donor regarding gift ?

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 13 March 2018

BILL OF THE GIFT ?? IF IN KIND

AND CASH GIFT SO VERIFY THE SAME FROM CHEQUE , BANK TRF OR OTHER EVIDENCE .

darshan.s.darji (student) (74 Points)
Replied 13 March 2018

money is transferred in bank account directly so we have the proof and we can prepare gift deed for the same amount then....?

abeertiwari (ca) (310 Points)
Replied 13 March 2018

can you tell what is the amount of gift?

darshan.s.darji (student) (74 Points)
Replied 13 March 2018

sorry I don't know the amount right now

abeertiwari (ca) (310 Points)
Replied 13 March 2018

if it is more than 50000 any person aggregated during the year than it is taxable fully...since it is not received on the occassion of marriage it is taxable....

darshan.s.darji (student) (74 Points)
Replied 13 March 2018

but assessee can prove that the gift received is for marriage

abeertiwari (ca) (310 Points)
Replied 13 March 2018

how can someone prove that amount received 6 months before marriage is related to marriage.and provisions are on the occassion of the marriage that means any gift you received on the day of marriage is exempt

gopal (future smart stupid) (293 Points)
Replied 13 March 2018

take it as loan right now and convert into gift on marriage date

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