Monica Malik Instagram – Do you have to pay taxes on your wedding gifts?
The answer is NO!
Under section 56(2) of Income Tax Act gifts received on wedding are exempted for Tax purposes whether it’s movable or immovable asset.
Key points to take care of:
👉Ensure you maintain detailed records of gifts received in your wedding as part of your asset documentation that will help you maintain transparency.
👉Gifts received in normal courses are taxable if they exceed 50000 in a year.
👉While wedding gifts are tax-exempt, gifts from in-laws to the bride (e.g., father-in-law to daughter-in-law) may be subject to clubbing provisions. This means any income arising from the gift will be added to the income of the in-law who gave it.
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#wedding #weddingday #weddinggift #gift #tax #shaadi #shaadiseason #reelsvideo #prettymuchfinance | Posted on 08/Dec/2024 16:25:05
