₹50 crore house, Audi car and more - Are KL Rahul, Athiya Shetty's wedding gifts taxable?
1 min read . Updated: 26 Jan 2023, 10:29 AM IST
PremiumThe duo received several luxurious presents from their friends and family - including an apartment in Mumbai, luxury vehicles and jewellery.
Actress Athiya Shetty tied the knot with cricketer KL Rahul earlier this week at her father Suniel Shetty's farmhouse in Khandala. A select group of friends - which included the who's who of Bollywood and Indian cricket - attended the intimate ceremony, with photos later making a wave on social media. Among the many wedding-related discussions currently happening online, much has also been said about the gifts received by the newlyweds.
According to reports, the duo received several luxurious presents from their friends and family - including an apartment in Mumbai, luxury vehicles and jewellery.
Also read: KL Rahul, Athiya Shetty share wedding photos: ‘In your light, I learn how to love’. See Photos
The father of the bride reportedly gifted the couple a flat worth ₹50 crore, while his close friend Salman Khan gifted Athiya a luxury Audi car worth ₹1.64 crore. Actor Jackie Shroff gifted the bride a ₹30 lakh Chopard watch, while Arjun Kapoor bought her a a diamond bracelet for ₹1.5 crore.
Cricketers Virat Kohli and MS Dhoni also opted for expensive gifts, reportedly gifting Rahul a BMW car worth ₹2.17 crore and a Kawasaki Ninja bike worth ₹80 lakh respectively. Are these gifts taxable? While gifts in India are taxable if their aggregate value during the year exceed ₹50,000 as ‘income from other sources’, this does not apply to weddings. Income tax authorities have provided an exemption for those receiving gifts at weddings, albeit with a few conditions.
Any gifts a newlywed couple receive from their immediate family (as well as friends) are exempted from taxation. The exemption does not extend to monetary gifts received on occasions like birthday, anniversary, etc.
Also read: How are wedding gifts taxed; All you need to know
“Marriage of the individual is the only occasion when monetary gift received by him will not be charged to tax. Apart from marriage there is no other occasion when monetary gift received by an individual is not charged to tax," a tutorial on the Income Tax website clarifies.
In the context of KL Rahul and Athiya Shetty's wedding, it would mean that the gifts they received from family and friends for their wedding are not taxable.
