Weddings in India are done with great pomp and show. A huge amount is spent by the family in this. Along with the bride and groom, their parents also receive many gifts at the wedding. In many weddings the value of these gifts runs into lakhs and crores. In such a situation, the question now arises that how much tax is levied on gifts received at weddings. Let us know the answer to this question in this article.
New Delhi. Wedding season has started in the country. In India, marriage is done with great pomp. At the wedding, along with the bride and groom, their families also receive gifts. In these gifts, along with money, expensive jewellery, car, property and many other valuables are given. In such a situation, the question often arises that how much tax is levied on these goods.
Let us tell you today how much tax is levied on gifts received at weddings. What is the rule regarding this in the Income Tax Act?
How much is the tax?
Whatever gifts the bride and groom receive during the wedding are tax free. This means that gold, property, goods and other things are also tax free. No tax has to be paid on this. However, let us tell you that the gift received by the parents of the bride and groom is not tax free.
What is the gift limit?
There is no limit on the gifts given at a wedding. This means that anyone can give a gift of any value. All these gifts are tax free. The gift giver has to give information about this gift to the Income Tax Department. Apart from this, sometimes there are situations when the bride and groom have to give information about this gift.
For this reason, experts advise that proof of such gifts should be kept. Photograph also serves as proof.
Is there tax on gifts received after marriage?
Even if a bride and groom receive a gift after marriage, it is still tax free. According to income tax rules, if any gold jewelery is given as a gift to a woman even after marriage, then no tax is levied on it.
How much gold can you keep without proof?
According to Indian law, a married woman can keep up to 500 grams of gold without any document. At the same time, without marriage, she can keep 250 grams of gold. Similarly, men can keep only 100 grams of gold without any document.
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