Taxability of gifts

Yes Taxable 

Yes it is taxable as they are not covered under the definiion of relatives.

Well, not taxable if Jawai receives gift from FIL; and gifts  it to his father!!!

YES TAXABLE AS NOT COVER IN THE DEFINITION OF FAMILY 

Dear Rambhia Sir, 

i.e. you want to say received at the time of marraige (may be in cash) and then gifted to father

As per query single transaction is taxable.......... but the same transaction if divided into two gifts as suggested, both are tax-exempt u/s. 56(2) ......... and hence the result is no tax liability!!

Originally posted by : Rakesh Bandal
	Dear Rambhia Sir,  i.e. you want to say received at the time of marraige (may be in cash) and then gifted to father

GIFT RECEIVED IN MARRIAGE IS EXEMPT FROM TAX WHATEVER THE AMOUNT AND FROM WHOM IT IS RECEIVED BOTH ARE IRRELEVANT 

AND AFTER RECEIVING GIFT , FURTHER GIFT TO FATHER SO NOT TAXABLE AS THE GIFT RECEIVED FROM THE FAMILY 

BOTH ARE EXEMPT !!

ok if i give a gift of Rs.500000/- thru legal cheque to my sister on any festival & prepare a giftdeed for same year. is it taxable or non-taxable in income tax & can i claim that amount in my income tax return?

gift recieved from relatives is exempted and gift recieved from friends and other people incase of marriage or shashtiyapta poorthi is exempted....

Any sum of money received on ocassion of marriage or from relatives is not taxable & hence exempt