Top SIP Funds to Invest in India Online 

 On a conservative basis, it would be advisable to document the gift (for example: a legal document such as a gift deed especially when the individual gift amount is large) and place such document in your records. Any cash gifts received may also be documented (with details such as names of persons who have gifted the sum, and quantum), on a conservative basis. As the same may be sought by the tax authority in case questions arise. The total value of gifts received on the occasion of marriage are per se not income under section 56(2)(x) and hence not to be reported in the tax return as exempt income. There are schedules in the income tax return form that require details of exempt income to be disclosed. The nature of the exempt income is prescribed as interest, dividend etcetera and there is also a residual clause on other exempt income. Any transaction that is not income at the outset may technically not be required to be disclosed in the exempt income schedule.