Marriage Gift Tax: In Indian tradition, a huge amount is spent on marriage. Along with the bride and groom, their parents also get many gifts in the wedding. In many weddings, the value of these gifts is in lakhs and crores. In such a situation, how much tax is levied on the gifts received in weddings? Let’s know the complete details
Marriage Gift Tax: In India, there is a lot of exchange of gifts on the occasion of marriage. Nowadays a huge amount is being spent on marriages. In marriage, the bride and groom are given gifts worth lakhs and crores to their parents and relatives or lakhs of rupees in cash are given to the groom in a platter. Gifts range from money to cars, property and many valuable things.
According to income tax rules, if you receive a gift of more than Rs 50,000 in a financial year in the form of cash, property or any other way, then tax will be levied on it. On the other hand, gifts on the occasion of marriage do not completely fall under this scope. Let us know what is the tax rule on wedding gifts.
All the gifts received by the bride and groom 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. If the parents receive a gift of Rs 1 lakh, then it is taxable.
No limit on gifts
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 giving the gift will have to tell the Income Tax department about its source.
Is there any tax on gold received as a gift after marriage?
According to the income tax rules, if a woman is gifted any gold or jewellery by her husband, brother, sister or her parents or father-in-law and mother-in-law after marriage, then it is tax free. On the other hand, if a gift of more than Rs 50,000 is received from a non-relative, then it can be taxed. But, an important thing here is that if this gift is received on the occasion of marriage, then it is always tax-free, even if the giver is not your relative. This exemption is available only on the occasion of marriage. It is not available after that.
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. Whereas, without marriage, she can keep 250 grams of gold. Similarly, men can keep only 100 grams of gold without any document.
Do not take more than Rs 2 lakh in cash
Do not take a cash gift of more than Rs 2 lakh As per section 269ST, if a person takes an amount of 2 lakh or more in cash, a penalty will be imposed. Therefore, if you are taking an amount of 2 lakh or more as a gift, then take it only through banking channels. Such as: – A / C Payee cheque, or A / C Payee bank draft, or transfer to the bank through electronic clearance system. If the payment is being received through self cheque, then it will also be considered a transaction done in cash and a penalty will be imposed.
Most Read Articles:
- LIC Cancer Cover Plan! Get cancer treatment under this LIC policy, you will earn money every month, know how
- Ladki Bahin Yojana : Women government employees cheated the government, investigation revealed
- PPF Interest Rate 2025 : How much interest is being received for the July-September quarter, great opportunity for high returns!
