Marriage gift

This query is : Resolved

Guest

Guest (Querist)

05 August 2016 I got married in August 2015.My father in law has gifted me Rs. 2.5 lacs in three parts (Rs. .5 lacs, Rs. 1 lacs and Rs. 1 lac). He has paid same through cheques into my account before marriage date (between June 2015 and August 2015).

My question is do i need to pay tax on above amount? Is any document required if there be any scrutiny?

Please help with advise.

CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
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05 August 2016 Yes, it is taxable as he was not relative when you received the gift. If you had received the 'gifts' after your marriage then it would have been exempt. One possibility is that in case of inquiry you can take a stand that the gifts were on the occasion of marriage and hence not taxable. I don't know if it will be accepted.

Guest

Guest (Querist)

06 August 2016 Dear Sir, to be specific, my registry marriage was on 20.07.2015 and social marriage was on 9.08.2015. If one of the 3 installment amount was received after registry marriage date, can I claim exemption to that extent?

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CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
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06 August 2016 You can definitely claim exemption for that installment.