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Instead, a gift is taxed only after you exceed your lifetime estate and gift exemption, which in 2024 is $13.61 million for individuals and $27.22 million for married couples.
For taxpayers whose gifts may exceed the lifetime $12.92 million tax-free exclusion amount, gift-splitting and other strategies may provide a way to fund a wedding without incurring a tax. Tax ...
Gifts above the annual exemption amount act to reduce the lifetime gift tax exclusion. [14] Congress initially passed the gift tax in 1932 at a much lower rate than the estate tax, a full 25% under the estate tax rate, while also providing a $50,000 exemption, separate from the $50,000 exemption under estate tax. [15]
The groom and a matchmaker will visit the bride's family bearing gifts like wedding cakes, sweetmeats and jewelry, as well as the bride price. On the actual wedding day, the bride's family will return a portion of the bride price (sometimes in the form of dowry) and a set of gifts as a goodwill gesture.
Dowry is a payment of cash or gifts from the bride's family to the bridegroom's family upon arranged marriage. It may include cash, jewelry, electrical appliances, furniture, bedding, crockery, utensils, car and other household items that help the newlyweds set up their home. In India, the dowry puts great financial strain on the bride's family.
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