I got married in March 2017 and received Rs 75,000 in all as cash gift from relatives and friends. Do I have to show this in my tax returns?
Surjeet Kumar, Lucknow
Congratulations on your wedding and have a happy married life. When it comes to taxation, any sum exceeding Rs 50,000 received by an individual during a financial year without or for inadequate consideration, is taxed as ‘income from other sources’ in the hands of the recipient. An exemption is allowed if the sum is received from a relative or on the occasion of marriage under Section 56 of the Act. Accordingly, the amount that you received as gift will not be taxable as income in your or your spouse’ hands and can be claimed as exempt from tax. However, do mention the receipt of this sum as gift to avail the tax deduction when filing returns.
