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 ?
3 Replies
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..
Recent Topics
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
- Rectification to decrease income in SCHEDULE OS
- Can Statutory Auditor of a subsidiary become concu
- Client Asking for the Revised Invoice
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- GST registration for medical shop in Karnataka
Related Threads
CAclubindia
