Maximum amount of money received as a gift before being taxed.
By Marc Sevitz · Updated
I received monetary gifts for my weddings, kitchen tea, bachelorette party and engagement party. I deposited the money on a monthly basis to avoid one big amount. How will this work for my income tax return. Will I be taxed on this? I wasn't sure of the best way to do it. Please help.
These gifts won't be taxed so no need to declare on your Tax Return.