Are Gifts of Foreign Cash Taxable or Reportable (Examples)
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Do you have to pay taxes on your wedding gifts? The answer is NO! Under section 56(2) of Income Tax Act gifts received on wedding are exempted for Tax purposes whether it’s movable or immovable asset. Key points to take care of: 👉Ensure you maintain detailed records of gifts received in your wedding as part of your asset documentation that will help you maintain transparency. 👉Gifts received in normal courses are taxable if they exceed 50000 in a year. 👉While wedding gifts are tax-exempt, gif
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61K views · 54 reactions | In India, gifts received at weddings are...
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