hey frnds..
whether cash received in excess of 50000/- is taxable in the eve of daughter's marriage in the hands of father....????
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Gift tax
Replies (6)
neither it is taxable in the hands of married daughter u/s 56(2)(vii) [because gift received on her marriage and it doesn't matter who is the donee] and nor it is taxable in the hands of her father.
can u pls quote the section where father is exempt from receieving cash in excess of 50000/-
as per me it is no where mentioned tat father is exempt. so want to confirm, one of our clint has same case.
can u pls quote the section where father is exempt from receieving cash in excess of 50000/-
as per me it is no where mentioned tat father is exempt. so want to confirm, one of our clint has same case.
As per my last quote i meant to say that show this money as received by your client's daughter in her marriage. By doing this your client will not require to include these receipts in his total income and it will be exempt in the hands of his daughter as per Section 56(2)(vii).
If your client wants to include this reciepts in his total income than it will be taxable if such receipts are in excess of Rs.50,000 [the whole amount is taxable u/s 56(2)(vii)].
Deepak, Irrespective of any amount if anyone receives gift (cash/kind) on marriage occasion from relatives and friends are fully exempted from tax
thanks frnds.....
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