Ambani’s paid “0” tax!!

Your wedding gifts might land you in tax trouble.

Check out the whole reel to know!
For more details about the case continue reading,
A groom’s father received about ₹4 lakh in cash gifts from relatives a month before his son’s wedding. He deposited the money in his bank account a few months later.
The income tax department flagged this as “unexplained income” that meant paying flat 60% tax rate along with surcharge and cess.
They refused to believe that the gifts were received on the occasion of the wedding.
The father appealed in court and was able to prove that these were indeed wedding gifts.
Remember, wedding gifts exemption is only for the bride and groom and not to the family members (parents and siblings)
The question in this case wasn’t whether he had to pay tax or not, but on the source of income and because he could explain the source—"Son's wedding"
He saved himself from a flat 60% tax rate.
Also, these are precautionary measures.
It’s not that you will surely get a notice if you skip them.
But if the cash amounts are high + you’re already in a higher tax bracket, doing this can save you from a lot of unnecessary hassle later.

#anushkarathod #tax #wedding #ahmedabad #finance

Видео Ambani’s paid “0” tax!! канала Anushka Rathod Finance