20 February 2014
A is an assessee who is going to marry on 24th feb 2014. He is importer and exporter of industrial tools. On the ocassion of his marriage the supplier of the assesee which are basically from hong kong, taiwan and dubai wants to gift fifteen lacs rupees.
Now the query is whether such amount is taxable or not in the hand of assessee in India?
I have read section 56(2)(v) according to which it is exempt but is there any other provision under which such gift is taxable and any other provision of income tax is applicable on him?
24 February 2014
Manish, it is not taxable irrespective of from whom you have received the gift on the occasion of marriage. you can ignore Manish's remarks.
CAclubindia
