As the season of extravagant celebrity weddings sets in, it has not only driven the families and relatives of the newlyweds into a frenzy of excitement and awe but also the people listening to stories of fairytale marriages from the media. First, there was cricketer K.L. Rahul and actress Athiya Shetty’s wedding on January 23, followed by movie stars Sidharth Malhotra and Kiara Advani’s grand wedding in Suryagarh Palace in Rajasthan's desert city of Jaisalmer on February 6.
According to media reports, K.L. Rahul has received several expensive gifts from his ex-colleagues and friends, including Virat Kohli and M.S. Dhoni. While Kohli has gifted a swanky BMW car worth a whopping Rs 2.17 crore, Dhoni, former Indian cricket captain, has sent an Rs 80 lakh ‘Kawasaki Ninja’ bike to KL Rahul as a token of love for the newlywed couple. Reports further said Suniel Shetty, Athiya Sethi’s father, has gifted the couple a lavish apartment in Mumbai worth around Rs 50 crore. Also, there’s a report that Salman Khan, Suniel Shetty’s close friend, has gifted the couple a luxurious Audi car. In addition, Jackie Shroff, the senior actor, gifted expensive watches to the couple. However, there is no official confirmation about the gifts.
Section 56 (2) of the Income-tax, 1961, covers the taxability of gifts received from anyone and at any occasion. General gifts to relatives also come under the same section as wedding gifts received by the newlywed couple from their immediate family or relatives. Friends do not come under the definition of relatives. Hence, gifts received from friends are taxable if the value of the gift is more than Rs 50,000. However, for weddings, gifts received from family, relatives, or friends are not taxable. Gifts such as a house, a car, cash, jewelry, and stocks, are exempt from tax, provided these are received from relatives, friends, or family members.