gift

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Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2011 what liability will arrise if an assessee would get a gift of 52000/- from his fionsee?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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04 January 2011 it would be taxable except if the same is near by the time of marriage.

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Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2011 PLZ clear the "time near by" u mean & will be any change regarding ur answer if amount is 48000/-.

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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07 January 2011 Near by means 15 days before marriage so that it could be said at the time of mariage.

If gift less than Rs. 50,000/- then not taxable.

Best is to give Rs. 3,000/- to ur fiancee and take rest Rs. 49,000/- as gift.

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2011 thanks for the reply sir but plz help me regarding the question ki can a assessee take gift more then Rs 50000/- and by retuning the excess amount(actual value of gift-50000) can he/she be on safer side ?
simply asking ki can assessee can evade tax doing so if any case law plz specefy.

Thanks,
regards
your FAN

Aditya Maheshwari

Aditya Maheshwari (Expert)
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07 January 2011 Net gift amount would be less than 50k so it should not possess any problem.