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Section 56(2)(x)
Can marriage be used to convert black money into white using section 56?
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While the law technically exempts gifts received on the occasion of marriage, it does so to accommodate genuine gifts from friends and family. Using marriage as a pretext to launder unaccounted wealth is tax evasion. Tax authorities are equipped to look beyond the surface of a transaction, and failing to justify the source of funds can lead to severe legal and financial consequences.
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