If any cash, jewellery, property, shares and vehicles etc. is received as a wedding gift, will it be taxed? This question remains in the mind of many people, so let us tell you today about gift tax, under the Income Tax Act, tax liability is made on the gifts received by the taxpayer. However, not all gifts are subject to tax. Exemptions are also available in some cases.
Indian weddings are performed with great pomp and show. A huge amount is spent on this. At the wedding, gifts worth lakhs and crores are given to the bride and groom by a large number of parents and relatives. Gifts ranging from money to vehicles, property and many other valuable things are given. In such a situation, the question arises that how much tax will you have to pay on these things.
This much tax is levied on gifts received by the bride or groom
If any gift is given to the bride or groom by any relative or parent during the marriage, then it is tax free from income tax. This includes gold along with land, goods like furniture and electronics and any other type of goods given as gift.
What is the limit regarding gift?
There is no limit on the value of gifts given at a wedding. Any person can give a gift of any value to the bride and groom and it is completely tax free. However, the person who is giving the gift. He will have to inform the Income Tax Department about its source.
Is tax levied on gold received as a gift after marriage?
According to the income tax rules, if any gold or jewelery is given as a gift to a woman after marriage by her husband, brother, sister or her parents or father-in-law and mother-in-law, then it is tax free.
What is the limit regarding gift?
There is no limit on the value of gifts given at a wedding. Any person can give a gift of any value to the bride and groom and it is completely tax free. However, the person who is giving the gift. He will have to inform the Income Tax Department about its source.
Is tax levied on gold received as a gift after marriage?
According to the income tax rules, if any gold or jewelery is given as a gift to a woman after marriage by her husband, brother, sister or her parents or father-in-law and mother-in-law, then it is tax free.
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