Gifts worth up to Rs 50,000 in a financial year are exempt from income tax. Image for representation. (Photo source: Freepik) Show Quick Read Summary is AI Generated. Newsroom Reviewed

The wedding season is here and people across India are preparing to celebrate. Indian weddings are known for grand celebrations, opulence and elaborate rituals spanning multiple days. Indian weddings are a symbol of grandeur, encompassing lavish decorations and grand feasts.

However, the financial implications could be significant due to the amount of money and valuables involved. Gifts form a prominent part of Indian weddings due to cultural practices and regional traditions.

Wedding gifts are usually in the form of cash, gold and other valuables. Families of both the bride and groom also exchange g

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