 "income, tax, money, collection")
On the occasion of my marriage, I received Rs 30 lakh in cash from my father. Will this sum be taxed?
Under Section 56 of the Income Tax Act, 1961 ("Act"), any amount of money received without any consideration is taxable in the hands of the recipient, if the value of such receipts in the aggregate exceeds Rs 50,000 during a year. Further, it has been clarified that any sum of money received from a relative or on the occasion of marriage or under a Will or by way of inheritance, etc. is not taxable in the hands of
Under Section 56 of the Income Tax Act, 1961 ("Act"), any amount of money received without any consideration is taxable in the hands of the recipient, if the value of such receipts in the aggregate exceeds Rs 50,000 during a year. Further, it has been clarified that any sum of money received from a relative or on the occasion of marriage or under a Will or by way of inheritance, etc. is not taxable in the hands of
