Gift on occasion marriage is not taxable and is not covered u/s 56(2)(VI) which means that the limit of 50000/- shall not be applicable or in other words we can say that it is out of the ambit of the above mentioned section. My question is that under which section gift on occasion of marriage is exempt.
30 August 2012
such provision of not taxing the amount of "ANY MONEY" received by an individual on occasion of his marriage is provided in sec 56(2)(VI).Because this sec clearly specifies the circumstances when such gift shall not be treated as income(out of which marriage is one of the circumstances). Hence such gift is exempt under the same sec.
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