Wedding gifts are non-taxable: Oops! I got a huge amount from my in laws as a wedding gift will this be taxable? No, it’s not. Any amount received as a wedding gift from your relative or non-relative is not taxable. However, the gifts can be given on the exact date of marriage, or a few days before or later. Normally, it should be sufficient if the gift is given just on the occasion of the marriage, or a day or two before or after. So be happy and receive your wedding gifts without any hesitation.

Amount received through will or inheritance is non-taxable: Inheriting an amount or property is a usual practice. Thus, any sum of money or any property received under a will or by way of inheritance is totally exempt from gift tax. Therefore, if you get a real estate worth 2 crore and some other things worth 3 crore through inheritance, even then you will not have to pay any tax on that amount received.

Movable or immovable properties as gift consist of tax: If you are gifted some immovable properties then you might worry about the tax. For instance, if the property is gifted without any consideration and if the stamp duty value exceeds 50000, then stamp duty value will be taken. If the property is gifted for a consideration, then the actual value of the property will be taken. But in other cases, like, if you gifted someone a property without giving it a second thought and if suppose the market value of that property exceeds 50,000 then the market value will be taken as the final value.