Cash gift on marriage
This query is : Resolved
04 August 2012
Dear Sir,
my net total income in 2011-12 F.Y is rs.2 lakhs
i got married in june & received approx rs.1 lakh as cash gifts from several persons.
should this also be added to my assessable income? pls clarify.
my net total income in 2011-12 F.Y is rs.2 lakhs
i got married in june & received approx rs.1 lakh as cash gifts from several persons.
should this also be added to my assessable income? pls clarify.
04 August 2012
Dear Shanker,
Gift (cash or kind) received on the occasion of marriage is exempted from tax u/s 56(2)(vi).
The following documents are required to maintain.
1. Copy of Marriage invitation.
2.List of names of donors with name & amounts.
Gift (cash or kind) received on the occasion of marriage is exempted from tax u/s 56(2)(vi).
The following documents are required to maintain.
1. Copy of Marriage invitation.
2.List of names of donors with name & amounts.
04 August 2012
Hence Rs.1 L which is received on marriage will not be assessed as Income.
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04 August 2012
Gift Received at the time of marriage , whether in cash or kind are exempt. So no tax on Rs. 1,00,000
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04 August 2012
sir does it mean i can credit 2 or 3 lakhs also & prepare a list of names? how will ITO check it?
04 August 2012
Dear Shanker,
Section 56(2)(vi) is very clear that gift received on marriage occasion is completely exemted.
There is no monetary limit.
Even if it Rs.1 Crore, same will not be taxed as long as required information/documents are maintained.
Section 56(2)(vi) is very clear that gift received on marriage occasion is completely exemted.
There is no monetary limit.
Even if it Rs.1 Crore, same will not be taxed as long as required information/documents are maintained.
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