is gift received from father of bride to father of bridegroom(samdhi)above Rs. 50000/- taxable u/s 56.
14 Replies
Ankita Chachan
(practitioner)
(548 Points)
Replied 23 August 2018
Yes it is taxable as they are not covered under the definiion of relatives.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 23 August 2018
Well, not taxable if Jawai receives gift from FIL; and gifts it to his father!!!
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 23 August 2018
YES TAXABLE AS NOT COVER IN THE DEFINITION OF FAMILY
Rakesh Bandal
(Self Employed and Agriculture)
(1349 Points)
Replied 23 August 2018
Dear Rambhia Sir,
i.e. you want to say received at the time of marraige (may be in cash) and then gifted to father
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 23 August 2018
As per query single transaction is taxable.......... but the same transaction if divided into two gifts as suggested, both are tax-exempt u/s. 56(2) ......... and hence the result is no tax liability!!
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 23 August 2018
| Originally posted by : Rakesh Bandal | ||
 |
Dear Rambhia Sir, i.e. you want to say received at the time of marraige (may be in cash) and then gifted to father |
 |
GIFT RECEIVED IN MARRIAGE IS EXEMPT FROM TAX WHATEVER THE AMOUNT AND FROM WHOM IT IS RECEIVED BOTH ARE IRRELEVANT
AND AFTER RECEIVING GIFT , FURTHER GIFT TO FATHER SO NOT TAXABLE AS THE GIFT RECEIVED FROM THE FAMILY
BOTH ARE EXEMPT !!
gauravpatel00750
(Sr.Account Executive)
(36 Points)
Replied 23 August 2018
ok if i give a gift of Rs.500000/- thru legal cheque to my sister on any festival & prepare a giftdeed for same year. is it taxable or non-taxable in income tax & can i claim that amount in my income tax return?
CA Bhavik Soni
(867 Points)
Replied 23 August 2018
gift to sister is exempt in her hand. but you can't claim deduction in your return. gift is not expenses.
CA Bhavik Soni
(867 Points)
Replied 24 August 2018
If it is received from relatives than it is not taxable. And from others, limit is 50000/-
Ashwin Kumar
(CA ipcc)
(449 Points)
Replied 25 August 2018
gift recieved from relatives is exempted and gift recieved from friends and other people incase of marriage or shashtiyapta poorthi is exempted....
Sudeep Gehlot
(81 Points)
Replied 25 August 2018
Any sum of money received on ocassion of marriage or from relatives is not taxable & hence exempt
Avan Kumar Singh
(CA Practice )
(19 Points)
Replied 26 August 2018
No. Gift received from relatives are exempt.
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