prasad Nilugal
( GST Practitioner & Accounts )
(14536 Points)
Replied 24 September 2019
Gift received in Marriage of an Individual is exempt form Tax as per section 56(2) of the Income tax act 1961
confirm with others also.
Yogesh M
(CMA)
(73 Points)
Replied 24 September 2019
prasad Nilugal
( GST Practitioner & Accounts )
(14536 Points)
Replied 24 September 2019
Where It is written in Income tax act 1961 ?. , that cheque received in marriage is Taxable in the hands of recipient , only the word Money is mentioned in proviso .
please inform .
Kapadia Pravin
(17254 Points)
Replied 24 September 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 24 September 2019
1. According to sec 56(2)(x), any sum of money without consideration exceeds Rs. 50,000 in aggregate during the year will be taxable under the head Income from Other Sources.
2. However, the above provision will not be applicable if such a sum of money is received on occasion of the marriage of the individual.
3. In your case, gift received on occassion of marriage from a non-related person even if the same is received through cheque will not be subject to tax.
Please correct me if the above solution has an alternative view.
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