Got married recently? Wondering what are the tax provisions on the gifts received? This is what you should know - 1. Gifts received on marriage is tax free for the couple. So yay! 2. You can deposit the money in your bank and disclose it in your tax returns. 3. Another option is to spend the money on your honeymoon. Keep a record of all the people from whom you received the gifts. 4. The amounts deposited must be reasonable. Tax inspector can ask questions otherwise. 5. If you are called for questioning, you must have satisfactory explanations. Otherwise, you will have to pay tax and penalty on the amounts deposited. 6. The officer can also ask for marriage tapes and photographs as well. 7. Clubbing of income tax rules may apply on the gifts received in specific cases. For example, gift received by a daughter in law from her father in law or mother in law is required to be added to the income of the in-law who had given the gift. 8. Lastly, if the gifts were received before the marriage, the gift tax thresholds of INR 50,000 shall apply as well.