Q.Mr.Raj received a gift from a friend on the occasion of his marriage.Is it taxable?

Ans.No,a gift received from a friend on the occasion of marriage is not taxable in the hands of recipient.Hence,gift received by Mr.Raj on his marriage is exempt from tax.

To dig deeper refer blog on taxability of gifts.

Q.Mrs.Roshni receives FD interest of Rs.14500 in FY 2015-16.Can she claim deduction U/s 80 TTA? »

« Q.What is the new service tax rate and from when it is applicable?

Harleen Kaur: Harleen Kaur is a Chartered Accountant (ICAI), qualified in 2009, and the founder of Fintrakk. With over 8 years managing finance and accounts and more than 10 years writing personal-finance and investing content for Indian readers, her work is known for being in-depth and well-researched, grounded in primary sources. Harleen also brings 2+ years of experience building technology products.