ITR Filing, Aug. 24 -- In India, weddings are treated as a festival for family and friends, and giving big gifts is part of a culture. However, for tax authorities, these are not just gifts but sources of income, and must be properly declared in your Income Tax Return (ITR) filing.

Wedding gifts are hugely prevalent in India, and no wedding in the country are complete without them. The calculation of tax on wedding gifts in your ITR depends on multiple factors, like its value, who has gifted and the parties involved.

To understand how much tax you need to pay on your wedding gift, you first need to understand the definition of gifts with reference to income tax rules in India.

A voluntary transfer of movable or immovable property by an...