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ITR Filing: Marriage in India is no less than a celebration. Or simply say that more than celebrations occur in bright weddings. Everyone tries to make weddings memorable according to their ability. Many types of gifts are also available. So let us tell you today what are the rules of tax on the gift in the cash found in the wedding. Before filing ITR, definitely know the rules.

The trend of gifts in weddings is very common. Gifts are also very expensive at times. Because if the gift is received as a cash, then it is necessary to give information about it to the Income Tax Department. Where is the money from where ITR got. Who has given the gift It is necessary to tell the department about this.

Gift tax on gift?

Under the Income Tax Act 1961, there is no tax of any kind on the gift found in the wedding. However, it is necessary to tell the department about it in ITR. Apart from marriage, the gift is not taxed. But, that gift is given by parents, siblings or spouse, then tax is exempted from tax.

If you get a tax of Rs 10 lakh in your wedding, then gift tax is free under Section 56 of the Income Tax Act 1961. This includes gifts received from relatives, gifts up to Rs 50,000 from non-relatives, gifts through succession or will. Also, the gifts received on the occasion of marriage, including cash, gold and even UPI or bank transfer are tax free.

ITR filing for gift from marriage

According to the rule, there is no tax on the gift found in marriage. Still they should be declared in your ITR filing. The gift of marriage is considered income and the couples are required to give information about ITR-2 or ITR-3, whatever is applicable.