All gifts received during marriage are tax free #tax #finance

All gifts received during a marriage are tax exempt. This could be from anyone and for any amount!

Gifts up to Rs 50,000 in a financial year are exempt from tax. However if you receive gifts from non relatives higher than this amount, the entire gift becomes taxable. For example, if you receive Rs 60,000 as a gift from your friend, the entire amount of Rs 60,000 would be added to your income and taxed at your slab rate. It would be considered ‘Income from Other Sources.’ Here, the total value of all gifts received is counted. For example, if you receive Rs 50,000 from one friend as a gift and Rs 15,000 from another friend, the limit of Rs 50,000 would be considered to be breached. The entire gift value (Rs 60,000) would be taxable in your hands.

Kindly note that there are certain exceptions and details to Gift Tax and only a brief is mentioned here.

#tax #india #finance #financialliteracy #financialfreedom #taxsavings #anushkarathod #trending #explore #marriage #gifts #indianmarriage

[ParentingwithDrKruti]

Good information given in interesting way

[ruchikaagarwal]

Nice video. Can I deposit the cash received in wedding as gift to my bank account? And also when should I deposit?

[SaurabhKumar-nz]

Sister ye wedding gift tax free usa mai valid hai

[Bikram]

Let's get married 😜. Btw how would IT DEPPTT know about 50 k + gifts

[souravvv.sharma]

When you don't know about taxation 🤣

[Im.sumit.mondal]

Shaadi ke gifts kitne rupai ke mile woh income tax wale thodi gin ne aayenge😂😂