Treat Marriage Day Gifts as HUFs Income?

147 views 2 replies

Sukesh M R

11 Points Joined December 2021

Hello,

As per the rules, the gifts received on the day of marriage is non taxable without any limit.

These gifts are given by relatives and friends to both bride and groom, the bride and groom together form a HUF.

So, can these gifts received by the bride and groom on the marriage day be treated as an income for HUF (without any limit of the gifts received?)

Thanks in advance for helping in clearing the doubt!

Thanks

Replies (2)

Gifts received from Relative are exempt without any limit, provided the respective fall within the definition of relative as per Income Tax Rules. However, gifts recevied from friends on occasion of marriage is totally exempt without any limit.

Mahesh Shah

2357 Points Joined July 2017

Gifts recived from list of relatives as notified in incometax rules are not taxed as marriage gift
gifts from unrelated relatives as per tax rules are not taxed upto 50000
if later on these amounts are converted into huf property then income derived from such converted property will be taxed as per huf