Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

taxability of gift of inmovable property.

07 December 2017

what will be the taxability of gift of inmovable property from any person on the occasion of marriage of individual?
And does definition of relative cover cousin of father of individual?

Reply
Follow
Share

3 Replies

Krishna Chaudhary (Accountant) (4531 Points)
Replied 07 December 2017

Gift received on marriage occasion by bride or broom is tax free. So no tax liability for this gift.

Defination of relative does not cover cousin of father of assessee.

Upgrade to CAclubindia Pro. Subscribe Now!

A.B.RAJ (FINANCE PRACTIONER ) (250 Points)
Replied 07 December 2017

On the occasion of marriage of individual- no tax liability except employer employee relationship...
cousin of father of assessee is not cover...only blood relationship exists..