Income Tax Rules For Cash: Know how much tax will be charged on cash given in marriage...

The wedding season has started once again in the country. It is estimated that 45 lakh marriages will take place in the entire country including Delhi from January to July. A huge amount is spent on weddings. At the wedding, huge amounts of gifts worth lakhs are given to the parents and relatives of the bride and groom, or lakhs of rupees in cash are given to the groom on a plate. Gifts ranging from money to vehicles, property, and many other valuable things are given. In such a situation, the question arises of how much tax will you have to pay on these things

 
How much tax is levied on wedding gifts?
If any gift is given to the bride or groom by any relative or parent during the marriage, then it is tax-free from income tax. This includes gold along with land, goods like furniture and electronics, and any other type of goods given as gifts.

Is there any limit on gifts? (Is there any limit on gifts?)
There is no limit regarding 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 who is giving the gift. He will have to inform the Income Tax Department about its source.
 
Is tax levied on gold received as a gift after marriage?
According to income tax rules, if after marriage, any gold or jewelery is given as a gift to a woman by her husband, brother, sister, or her parents or father-in-law and mother-in-law. So it is tax-free.

 
How much can you transact in cash?
According to tax expert Balwant Jain, under Section 269ST of the Income Tax Act, no person can take more than Rs 2 lakh in cash in a day. If the value of gifts received by a newly married couple is Rs 50,000 and it is registered under Section 56 of the Income Tax Act. Under the Income Tax Act, if not given by an immediate family member, it will be taxable. Any gift worth up to Rs 50,000 in a year is not taxable.

PC Social media