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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. Gifts received from any other party, such as friends, colleagues, etc., will be subject to tax if it exceeds ₹ 50,000 in total.
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 earnings.
Mrs Ranjeet Ranjan initiated this new bill to curb any show of wealth during weddings. Here are some pointers that this bill proposes.
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!
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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