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Gift on marriage

snehal (ca) (61 Points)

26 September 2014

gift recd in marriage from relatives not shown in itr in previous year ..can we show it in next year itr?thank all for advice..

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CA SONIYA AGARWAL (self practice) (3005 Points)
Replied 26 September 2014

gifts eceived in marriage is exempt frm tax no specific disclosure is needed in itr .

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CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 26 September 2014

First you need to understand that gift received on marriage from relatives is exempt in hands of the person marrying...........

In case you want to disclose it in ITR show it under exempt income.........

But in your case in my opinion you shud not show it now, since the year has passed in which gift were received, and ITR has been filed.

You can also opt for revision in case you have filed it within timelimit.....

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CA SONIYA AGARWAL (self practice) (3005 Points)
Replied 26 September 2014

not necessary to get gifts from relatives only at the time of marriage to claim exemption , any received from any person received during marriage is exempt from tax.

Santhosh Poojary (SIEMPRE AHÍ PARA TI) (15607 Points)
Replied 26 September 2014

Gift any amount And from anyone received during marriage are totally tax free...And i would suggest you to show it under exempt income for many good reasons.....!