Sanjay, a resident of India received gifts during the financial year 2021-22 as follows: (e) ₹ 60,000 from his friend residing in Mumbai (received on the occasion of marriage of Sanjay). You need to advice Sanjay with re

The tax treatment of Gifts in the hands of Mr. Sanjay will be as follows: Marriage is covered in the list of prescribed occasion on which gift is not chargeable to tax. Hence ₹ 60,000 received by Mr. Sanjay on the occasion of his marriage will not be chargeable to tax. Total taxable Income: ₹ 1,99,000 + ₹ 49,000 = ₹ 2,48,000. Since, Total taxable income from Gifts exceed ₹ 50000, Hence, entire ₹ 2,48,000 is taxable.