Gift on marriage
This query is : Resolved
Brijbhushan Gupta
(Querist)
25 February 2018
sir /madam how much amount gift can be taken on marriage what document required and can gift taken by cash
KAVIRAJA ADDANGADI
(Expert)
25 February 2018
gifts received by the bride and the groom, on the occasion of their wedding, are exempt from tax.
Gifts with a monetary value of over Rs 50,000, received from anyone other than a defined relative, is subject to tax in the hands of the recipient
Any cash gifts received may also be documented (with details such as names of persons who have gifted the sum, and quantum), on a conservative basis. As the same may be sought by the tax authority in case questions arise. The total value of gifts received on the occasion of marriage are per se not income under section 56(2)(x)
Gifts with a monetary value of over Rs 50,000, received from anyone other than a defined relative, is subject to tax in the hands of the recipient
Any cash gifts received may also be documented (with details such as names of persons who have gifted the sum, and quantum), on a conservative basis. As the same may be sought by the tax authority in case questions arise. The total value of gifts received on the occasion of marriage are per se not income under section 56(2)(x)
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Form 144 TDS Return Validation Error – Mandatory Fields
- Rent agreement of House of deceased person
- Applicability of tax on invoice
- Capital Gains Tax on Inherited Mutual Fund
- LLP audit and disclosure
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
