ONE OF THE MY CLIENT RECD MERRAIGE GIFT ON OCCASATION ON HIS MERRIAGE RS 9,12,000 IN CASH & ALSO RS 2,12,000 IN CHQ TOTAL RS 11,24,000 (MORE 512 RELATIVE & OTHER PERSON )
SO PL GUIDE ME ALL AMT RECD AS GIFT IS EXEMPT IN INCOME TAX ACT U/S 56 (2) IF CASH EXCESS THAN RS 200 000 FROM MORE THAN 512 PERSON OR TAXABLE (CLARIFY THAT CASH GIFT EXCESS RS 2 LACS TAXABLE OR NOT)
19 February 2019
Gift received on the occasion of marriage is exempt without any limit. 100% penalty leviable on cash gift received from a person of 2 lacs and above under section 269ST.
CAclubindia
