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Marriage gift

Joshua Dsouza (152 Points)

03 November 2023

i received marriage gift of rs 2lakh from my boss...... should I show in itr?

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7 Replies

Prashant Daga (194 Points)
Replied 03 November 2023

Show in salary head and it's also taxable...bcoz employer employee relationship exit

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RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 04 November 2023

Yes, You can show the amount in ITR.

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 04 November 2023

Gift on account marriage, gift from relative are exempt from tax.

Is it cash or wire transfer?

sabyasachi mukherjee (27117 Points)
Replied 05 November 2023

Rs. 2 lakh in cash .. it's a very difficult disclosure. in kind it's better.

CA Raj Doshi (Practising CA) (8898 Points)
Replied 06 November 2023

Gift received on account of marriage of an individual from any person - whether relative or non relative is tax exempt irrespective of its value. Please refer Sec 56 (2) (x) of the income tax act

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sabyasachi mukherjee (27117 Points)
Replied 06 November 2023

Read sec 56(2) (x) here it is not blood relation. It is taxable.

CA Raj Doshi (Practising CA) (8898 Points)
Replied 06 November 2023

Gifts received on the occasion of marriage by the newlywed couple are tax-exempt. The exemption is not limited to gifts received from relatives only. Therefore gifts received from friends or non-relatives on the occasion of marriage will also not be taxable in the hands of newlywed couple.

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