17 May 2015
can anyone explain. My friend recently got married and received marriage gift of aggregate amount Rs.50 lakhs. Is there taxable in the hands of my friend. if not how can be accounted. if he bring this amount into his business is there any questions will arise in future from income tax authority. he need to deposit this amount into his business current account. can he deposit into bank in one short.
18 May 2015
First, he should execute a gift deed by mentioning the details of the gift received and its value. Once, the deed registered, then it will become valid documents for gift received.
The entire gift received on the occasion of the marriage is exempted from the tax.
However, the gift amount, i think, can bring into the business : - in case, proprietory concern, may be additional investment - in case, partnership business, may be loan
CAclubindia
