Tax on marriage gifts: A lot of money is spent on weddings in India. You must have seen. Often relatives, friends and other people come. Almost everyone brings gifts. Someone gives money as a gift. So someone gives expensive items as gifts. In such a situation, this question often comes in the minds of people whether there is any kind of tax on the gifts received at a wedding or on the money received as a gift. Let us know what the income tax rules say regarding gifts received at weddings.
Wedding gifts are tax free
According to the rules of Income Tax Act, all types of gifts received at marriage are tax free. But you have to keep the details of all the gifts received at the wedding. Due to which you do not face any problem in future. Along with this, you have to give information about gifts received in marriage while filing income tax return. Along with this, you have to submit proof of your marriage. In which wedding card and wedding photos also have to be given.
You can take gifts only up to Rs 50,000
Where gifts received at a wedding may be tax free. But apart from this you have to pay tax on other gifts. All gifts received above Rs 50,000 come under the income tax category. You have to pay tax on these under Section 56(2)(x) of the Income Tax Act, 1961. However, you do not have to pay tax on gifts received from your blood relative. Along with this, the Income Tax Act gives you tax exemption on gifts under Section 10 (23C) and Section 12A or 12AA.
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