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Marriage gifts tax

Chaitanya Joshi (Manager) (37 Points)

16 July 2016

Is there any tax liability on me for cash gift received during my son's marriage which I deposited in my bank account?

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5 Replies

Dinesh Mertiya (PROFESSIONAL) (761 Points)
Replied 16 July 2016

If an individual receives a sum of money without consideration, it is chargeable to tax under the head " Income from other source"

If your son receives gift on his own marriage, is not chargeable to tax

Gift is exempt for your son not for any others

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CA Saurabh Singh (Practising Chartered ) (974 Points)
Replied 16 July 2016

Hello, The taxability of gift is exempt, when the same is received by an individual on occasion of his marriage. Hence the gift received by by you shall be taxable, and it will be exempt in your's son hand.

Chaitanya Joshi (Manager) (37 Points)
Replied 16 July 2016

Thanks for replying, So now how the tax liability can be avoided in this case? Can this be shown as cash gifts from relatives directly to my account? i have already moved money back by cheque to my Son's account.