CA Manish Sharma (Prop) (140 Points)
16 July 2010Dear All
my brother in law taken cheque in his marriage fromFather in Law of Rs 400,000. Cheque credited in the account after marriage. He is about to filling ITR. Please advise how to deal with the matter ASAP
You immidiate reply will be much appricaited
Thanks
Manish
CA Manish Sharma
(Prop)
(140 Points)
Replied 16 July 2010
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 16 July 2010
Dear manim Sharma.,
The entire amount is exempt, as the same is received during marriage
Ronen
(Article)
(30 Points)
Replied 16 July 2010
Hi Manish
Full amt of Rs.400000/- is exepmt as per sec 56(2)(vi) & (vii) of IT Act 1961. Read these section carefully from Income Tax site, you will find the answer and Rs.400000/- will be trf to Capital account.
SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 16 July 2010
Suvarna Goel
(-)
(351 Points)
Replied 16 July 2010
Just dont worry. Its simply dowry. Indian IT law is never against dowry. Thats why we call it marriage gift. 
santhosh
(Student)
(1174 Points)
Replied 16 July 2010
Ya above answers are correct.... It is fully Exempt as it was got on the occasion of marriage....
Sweta
(Article assistant)
(24 Points)
Replied 16 July 2010
ya its true gift received from anyone during the time of marriage is exempt from tax.there is no limit on the amount
Nitin Grover
(CS)
(1228 Points)
Replied 16 July 2010
| Originally posted by : Ronen | ||
 |
Hi Manish Full amt of Rs.400000/- is exepmt as per sec 56(2)(vi) & (vii) of IT Act 1961. Read these section carefully from Income Tax site, you will find the answer and Rs.400000/- will be trf to Capital account. |
 |
| Originally posted by : Ronen | ||
|
|
Hi Manish Full amt of Rs.400000/- is exepmt as per sec 56(2)(vi) & (vii) of IT Act 1961. Read these section carefully from Income Tax site, you will find the answer and Rs.400000/- will be trf to Capital account. |
|
rakesh agarwal
(STUDENT)
(24 Points)
Replied 16 July 2010
satisfies 2 conditons for exemption...
1.received in marriage
2. received from relative as father in law also taken in list of relative in case of gift.
ca dipti sharma
(not yet)
(259 Points)
Replied 16 July 2010
Enjoy with the amount of Rs 400000/-, it is totally exemt as per IT ACT.
CA. Anoop Gadia
(CA MBA (Finance) B.Com)
(1717 Points)
Replied 16 July 2010
Gift on marrige fully exampt
CAclubindia
