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Gift on the occasion of marriage.

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(Querist)
15 February 2012 Dear sir,
If an individual receives a gift of Rs. 200000/- lacs in cash, from his father-in-law on the occasion of his marriage. whether the said gift would be allowed by Assessing Authority as exempt ?
Regards !
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
15 February 2012 Yes. Gift received on occasion of marriage from anyone is exempt from tax. Also there is no limit in this regard. So in the given case gift will be fully exempt in the hands of recipient.
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Mihir Doshi

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Mihir Doshi (Expert)
15 February 2012 Agree with Expert. Sec 56(2)(VI) of income tax act, 1961 has exempted any amount of Gift from Relatives.

Thanks
Mihir Doshi
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Mihir Doshi

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Mihir Doshi (Expert)
15 February 2012 Agree with Expert. Sec 56(2)(VI) of income tax act, 1961 has exempted any amount of Gift from Relatives.

Thanks
Mihir Doshi
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Mihir Doshi

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Mihir Doshi (Expert)
15 February 2012 Agree with Expert. Sec 56(2)(VI) of income tax act, 1961 has exempted any amount of Gift from Relatives.

Thanks
Mihir Doshi
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VIVEK SINGH

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VIVEK SINGH (Querist)
15 February 2012 Whether, the said gift has to mention in income tax return or not ?

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