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Ppf on my name

Others 472 views 2 replies

hello

i have got  cash gifts of about  4  lakhs during my  wedding  from inlaws/mother side . and i have that much money in cash with me .

can i open a ppf  account  and deposit  that money in ppf account  (1 lakh each for subsequent 4 years) .

or will it create problem in my husband's tax returns 

i am housewife

Replies (2)

Hi

 

Gifts received on wedding are exempt entirely from income tax. It will not create any problem. If case of enquiry, you just need to prove that you received so much amount as gift on your wedding. 

the problem is , over 100 people/families  attended our wedding .  And  gave gifts from  rs  200 to  5000 depending upon there economical situation/and how close they are with us in relation .. it is impossible  to approach 100 people/families and ask them to write  on paper they have given me cash/gift etc ? 

1. so how could it be proved that my income is from gift ?

2.  our wedding is  4  year old  and   i have kept that money with me  in form of cash (spend like 25% on cloting etc , but i still have 75% of that money)

 

so how to move ahead ?


CCI Pro

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