hello ,this is akash, I have a basic dout on marriage gift,
my brother's marriage is on November,but his fiancee's Father wanted to gift a cash and deposited in his bank account September,
my question is whether marriage gifts AT THE TIME MARRIAGE CONSIDERED or ON OCCASION OF MARRIAGE CONSIDERED (regardless or near by time frame)
should I need to tax the above or no need to tax the above ...?
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Timing of marriage
Replies (1)
There are no specific conditions in section 56 with regards to timing of taxability of gift recieved on account of marriage. You can claim exemption under section 56 as far as I know provided (your brother marries his fiance🚶🚶🚶) just kidding 😹
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