Exemption
s venkata ramana
(Querist) 13 December 2013
This query is : Resolved
A taxtaion statute exempt "gifts made in considertion of marriagre ". 'X' a friend of the bride , gifts a valubale article worth pf Rs 1 Lakh to her on the occasion of her marriage , Is such a gift exempt from tax under this statute?
Give us valubale Suggestions.
S.V.Ramana
LLB-Student.
R.K Nanda
(Expert) 13 December 2013
consult tax lawyer.
V R SHROFF
(Expert) 13 December 2013
academic query.
Vineet
(Expert) 27 December 2013
You have twisted the language of Act. Its not Gift in consideration of marriage but gift on the occasion of marriage of the individual. So the gift of valuable item from friend at the time of marriage is very much exempt provided proper documents are maintained and friend is in position to explain source of such costly gift.
I may sound rude but once gain request all leraned experts to refrain from comments which have been made in this post. Specially the last one is worth mentioning which says "Experts Well Advised" when there was no advice at all!!!!
C. P. CHUGH
(Expert) 31 December 2013
Agreed with Vineet, We should not attempt answering a query for the sake of answering when no real answer is provided. Let us all refrain from making such comments. No one is certainly bound to answer all queries.
Thanks and regards,
