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Is date important

john (LEARNER) (549 Points)

08 March 2012

FOR A.Y. 2012-13

Mr. zee is about to receive CASH gift on occasion of his marriage.

Rs. 3,50,000/- from a friend (cash)

Rs. 4,00,000/- from his parents. (cash)

Q. ARE THE ABOVE RECEIVALBE AMOUNTS EXEMPT ?

Q. SHOULD THE EXACT DATE OF MARRIAGE BE CONSIDERED FOR GIFTS. OR CAN IT BE IN ADVANCE OR GIVEN LATER.?

Q. CAN RELATIVES GIVE ANY AMOUNT OF CASH GIFT APART FROM OCCASION OF MARRIAGE in the fiancial year.?

Thank you.

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8 Replies

CA SUMANTH (LEARNER.....) (294 Points)
Replied 08 March 2012

Q1.gift received from anyone during the time of marriage is exempt from tax.there is no limit on the amount

q2. I think it need not be on that date only, but it should be justifiable that gift received on occassion of marriage.

q3. gift from relatives apart from on occassion of mmarriage exempt only if its upto Rs. 50,000/-

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Regit (CA.Final) (320 Points)
Replied 08 March 2012

>Whole amount received on occassion of marriage is exempt from tax irrespective of the limit and from whom it is received.

>The basic requirement is the relation between the Gift and the marriage but not the time of making the gift. [Neelambal Ramaswamy Vs CGT].

>Gift from relatives other than on occassion of marriage is exempt upto 50,000.

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*RENU SINGH * (✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ ) (21627 Points)
Replied 08 March 2012

on occassion of marriage cash is exempt ......

no cash limit on such case from any1 ...

so date not a relevant factor...i guess.

CA PRAVEEN SINGH (MANAGER ACCOUNTS) (2277 Points)
Replied 08 March 2012

Q1.gift received from anyone during the time of marriage is exempt from tax.there is no limit on the amount

q2. I think it need not be on that date only, but it should be justifiable that gift received on occassion of marriage.

q3. gift from relatives OTHER THAN ON OCCASSION OF MARRIAGE IN EXEMPT UP TO RS 50000....

john (LEARNER) (549 Points)
Replied 10 March 2012

HI All

Please give your opinion on the following...

/forum/cash-gift-from-relatives-151324.asp

Mr. Pratap & Mr praveen are of the opinion that

gift from relatives OTHER THAN ON OCCASSION OF MARRIAGE Is EXEMPT UP TO RS 50000....

Q. finally is CASH gift exceeding Rs.50000/- from relatives exempt or not.?

Thank you.

Sirisha (Articles CA final student) (71 Points)
Replied 11 March 2012

Any Gift in cash received on the occasion of marriage is exempt if it is received from relatives, If other than relatives it is exempt upto Rs.50000

CA SACHIN VIJ (Chartered Accountant) (112 Points)
Replied 12 March 2012

Q3 Cash Gift from relative is exempt upto any amount whether on marriage or otherwise. Sec 56(2) (vi) and (vii) of Income Tax Act are applicable.

Sec 56 (2) (vi) where any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a Hindu undivided family, in any previous year from any person or persons on or after the 1st day of April, 2006 but before the 1st day of October, 2009, the whole of the aggregate value of such sum:

Provided that this clause shall not apply to any sum of money received

(a) from any relative; or

(b) on the occasion of the marriage of the individual; or

(d) in contemplation of death of the payer; or

(e) from any local authority as defined in the Explanation to clause (20) of section 10; or

(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or

(g) from any trust or institution registered under section 12AA.

Explanation. For the purposes of this clause, relative means

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi);

Sec 56 (2) (vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,

(a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum;

(b) any immovable property, without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;

(i) without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the aggregate fair market value of such property;

(ii) for a consideration which is less than the aggregate fair market value of the property by an amount exceeding fifty thousand rupees, the aggregate fair market value of such property as exceeds such consideration :

Provided that where the stamp duty value of immovable property as referred to in sub-clause (b) is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shall, as far as may be, apply in relation to the stamp duty value of such property for the purpose of sub-clause (b) as they apply for valuation of capital asset under those sections :

Provided further that this clause shall not apply to any sum of money or any property received

(a) from any relative; or

(b) on the occasion of the marriage of the individual; or

(d) in contemplation of death of the payer or donor, as the case may be; or

(e) from any local authority as defined in the Explanation to clause (20) of section 10; or

(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or

(g) from any trust or institution registered under section 12AA.

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