Income tax on gift

Gift received from relatives is not taxable, even received in excess of 50000 in cash or by cheque.

Relatives includes for gift transactions:

- Your spouse

- Your brother or sister

- Brother or sister of your spouse

- Brother or sister of either of your parents

- Any of your lineal ascendants or descendants

- Any lineal ascendant or descendant of your spouse

- Spouse of the persons referred to in (2) to (6)

Agreed with Shubham Gupta

One of the Query is ..

If an individual receive cash as a gift on the occasion of Marriage, then how can the individual can justify the same during scrutiny..?

If the cash received totalling to Rs.6,08,505.00

proper documentation kept will be helpfull

like name of person who have gifted.

also a reasonable amount of idea about no. of guests you called in the marriage along with estimated expense that you in curred in marriage function.