New Delhi, Dec. 2 -- "Matrimony is a process by which a grocer acquired an account the florist had." - Francis Rodman

Income tax laws around the world recognise the incidence of marriage and divorce; Indian tax laws are no exception. Both incidents impact your tax liability. Let us discuss how Indian tax laws affect your tax liability.

So let us start with marriage. As per the Indian tax laws, as long as the aggregate of all the gifts received from all the sources during the year does not exceed Rs. 50,000/- in a year, the same is not treated as your income. However, once the aggregate value of all the gifts received during the year exceeds this magic number whole of the amount is treated as your income and taxed.

There are certain exc...