te KL Rahul-Athiya Shetty wedding: How much tax will the newly-married couple pay for expensive wedding gifts? | Zee Business

KL Rahul-Athiya Shetty wedding: How much tax will the newly-married couple pay for expensive wedding gifts?

KL Rahul wedding, Gift Tax: According to reports, bride’s father actor Suniel Shetty gifted the couple a fancy apartment worth Rs 50 crores in Mumbai.

KL Rahul-Athiya Shetty wedding: How much tax will the newly-married couple pay for expensive wedding gifts?
KL Rahul-Athiya Shetty wedding:gift tax, Pic- K L Rahul twitter

KL Rahul wedding, Gift Tax: Celebrity weddings always receive a fair bit of coverage, but cricketer KL Rahul and Bollywood actress Athiya Shetty's wedding last week created an immense buzz across the nation thanks to the grandeur on display and the lavish gifts that the newly-married couple reportedly received. Among other gifts, reports doing the rounds said that the couple received a premium BMW luxury car and a luxurious house in Mumbai.

According to reports, bride’s father actor Suniel Shetty gifted the couple a fancy apartment worth Rs 50 crores in Mumbai.

And the couple’s close friends also reportedly showered the duo with luxurious gift items. Among them being a BMW car worth Rs 2.17 crores approximately, rumoured to have been gifted by groom's teammate Virat Kohli, and a Kawasaki Ninja bike worth Rs 80 lakhs approximately, apparently gifted by former Indian cricket team captain, MS Dhoni.

TRENDING NOW

Multiple reports also suggested that Bollywood actor Salman Khan gifted a top-of-the-line Audi car to the couple and veteran actor Jackie Shroff gifted them an expensive watch as a wedding present.

However, the bride's family has denied these reports.

Also Read: Gifts Tax: Know which gifts are taxable this festive season | TAX SAVING

KL Rahul-Athiya Shetty wedding: Gift Tax

Whether the rumours are true, or not, is a different thing altogether, but looking at the whole list of exorbitant wedding gifts, one wonders how much tax will the couple have to pay on these lavish items received at their wedding.

As per Tax Expert Gauri Chadha, the answer is zero tax — they will not be liable to pay a single rupee for the gifts received.

As per gift tax rule, she says that no tax is payable on gifts that are received on the occasion of wedding.

Also Read: Budget 2023: Why agri stocks are in focus prior to Budget

According to the Income Tax department, gifts received on the occasion of marriage are not taxable.

Apart from marriage, there is no other occasion when monetary gifts received by an individual is not taxed. Which means that monetary gifts received on occasions like birthdays, anniversaries, etc. are also taxed.

KL Rahul-Athiya Shetty wedding: Does Tax apply to gifts over the Rs 50,000-a-year limit?

According to Gauri, no tax will be applicable even though the permissible limit has been surpassed, as it is a gift received in marriage.

KL Rahul-Athiya Shetty wedding: Gifts received by friends are taxable, so in this case will there be any tax applied?

Wedding gifts given by friends are also not taxable.

Also Read: Budget 2023: Experts eye big push for infrastructure sector from government

 

Reported By: ZeeBiz WebTeam
Written By: Sirali Gupta
Edited By: Hemant Abhishek
Updated: Fri, Jan 27, 2023
05:43 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Budget 2023: Regular taxpayers should be rewarded for paying tax on time, suggests Anil Singhvi Budget 2023: Regular taxpayers should be rewarded for paying tax on time, suggests Anil Singhvi
Social media influencer taxation: How are minor Instagram, YouTube influencers taxed? Check income tax calculation and GST rules Social media influencer taxation: How are minor Instagram, YouTube influencers taxed? Check income tax calculation and GST rules
Old Income Tax Regime Vs New: How are both different? Old Income Tax Regime Vs New: How are both different?
ITR Filing Rules: Now, Income tax filing made mandatory if TDS, TCS amount exceeds Rs 25000 in year- Check other major changes ITR Filing Rules: Now, Income tax filing made mandatory if TDS, TCS amount exceeds Rs 25000 in year- Check other major changes
Income Tax Planning: From ELSS to NPS, expert suggests these 5-investment themes for saving tax Income Tax Planning: From ELSS to NPS, expert suggests these 5-investment themes for saving tax

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x