Are gifts received on marriage taxable?

1. Gifts with a monetary value of over Rs 50,000, received from anyone other than a defined relative, is subject to tax in the hands of the recipient.

2. However, gifts received by the bride and the groom, on the occasion of their wedding, are exempt from tax.

3. Deposit cash received as gifts into the bank account as close to the wedding date as possible.

4. High value gifts, especially a car or a house, should be supported by a gift deed, dated close to the date of the wedding.

5. Maintain a record of gifts received at the wedding as part of the normal documentation of assets you hold, especially precious jewellery.

(The content on this page is courtesy Centre for Investment Education and Learning ( CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)