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Marriage gift
i received marriage gift of rs 2lakh from my boss...... should I show in itr?
Replies (7)
Show in salary head and it's also taxable...bcoz employer employee relationship exit
Yes, You can show the amount in ITR.
Gift on account marriage, gift from relative are exempt from tax.
Is it cash or wire transfer?
Is it cash or wire transfer?
Rs. 2 lakh in cash .. it's a very difficult disclosure. in kind it's better.
Gift received on account of marriage of an individual from any person - whether relative or non relative is tax exempt irrespective of its value. Please refer Sec 56 (2) (x) of the income tax act
Read sec 56(2) (x) here it is not blood relation. It is taxable.
Gifts received on the occasion of marriage by the newlywed couple are tax-exempt. The exemption is not limited to gifts received from relatives only. Therefore gifts received from friends or non-relatives on the occasion of marriage will also not be taxable in the hands of newlywed couple.
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