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Wedding presents that immediate family members give to newlyweds are not taxable. Hence items, such as jewellery, house or property, cash, stocks, etc., are not taxed. Section 56 of the Income Tax Act exempts these from tax.
In India, weddings are a time for exchanging gifts. So all newly married couples should be aware of the marriage gift exemption in income tax.
So, let’s find out if there is any wedding gift tax!
Newlyweds do not have to pay tax on wedding presents given by immediate family members. This includes parents, siblings of parents, siblings, spouses of siblings or from any other person. Wedding gifts received from any other person , such as friends, colleagues shall also be exempt.
Though this gift itself is not taxed, any income generated from this present is taxable. For example, if a couple receives property as a present at the couple's wedding and gives it out on rent, they will have to pay tax on their rental earnings.
Mrs Ranjeet Ranjan initiated this new bill to curb any show of wealth during weddings. Here are some pointers that this bill proposes.
This act is not yet in force.
In conclusion, marriage gift exemption in income tax applies only to the newly married couple. Moreover, any couple does not have to pay tax up to ₹ 50,000 received from friends and colleagues.
So, are wedding gifts taxable?
From my immediate family, they are not!
Please try one more time!
