Gift

Tax queries 688 views 4 replies
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89 Points Joined August 2009

gift recevied on merriege amounting rd 250000 is taxable or fully exempt?

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On 04 July 2013 at 18:39 Report
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222 Points Joined July 2011

the gift if received from Relatives then it would be exempt.

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On 04 July 2013 at 20:27
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Deputy Manager- Finance
2923 Points Joined March 2010
Gifts received from relatives or non relatives on the occasion of marriage is exempt from tax
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On 04 July 2013 at 21:04
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Chartered Accountant
1318 Points Joined January 2012

Dear Parth,

U/S 56(2)(vii) any gift received:-
(a) from any relative; or
(b) on the occasion ofmarriage ofthe individual; or
(c) under a will or by way ofinheritance; or
(d) in contemplation of death ofthe payer. 
 
Is completely tax free.
 
In your case you have recieved gift on marriage the complete gift is tax free, whether it is received from relative or stranger doesnot matter.
 
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On 04 July 2013 at 21:11
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CA Final
324 Points Joined January 2010

Gift received on the occasion of marriage is tax free..

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On 06 July 2013 at 13:13


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