Gifts received during a wedding by a newly-wed couple are tax exempt if the immediate family of the couple gives them. The immediate family may constitute of couple’s parents, siblings or siblings of their parents. For instance, if your parents transfer Rs. 10,00,000 to your bank account as a wedding gift, then you will not be charged any tax on that amount as they are your lineal ascendants. The gifts received by the newly-wed couple…
Subscribe to our newsletter and stay updated.