Hi, I would like to get clarity on the Taxability of Gift received . Car received on occassion of Marriage is not covered u/s 56 (2) as movable property. So then is it taxable ?
Cash recived on occassion of marriage any limit for that ?
Chetna Chandak ( ) (26 Points)
20 December 2011Hi, I would like to get clarity on the Taxability of Gift received . Car received on occassion of Marriage is not covered u/s 56 (2) as movable property. So then is it taxable ?
Cash recived on occassion of marriage any limit for that ?
CA Ketan Waghela
(Partner at Elite Educare)
(356 Points)
Replied 20 December 2011
Chetna ji,
Gift received on the occassion of marriage is exempt from taxability. Moreovr there is no limiting amount or so. It is exempt even it it is received from other than relatives.
CA LALIT WADHWA
(FRESHER)
(105 Points)
Replied 21 December 2011
ketan is rt...
all the gift received on the occassion of marriage is exempt..
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