Are wedding gifts in cash taxable?

Question

I received a large amount in cash as wedding gifts. Should I declare it in my return, and is it taxable?

Answer 1

1️⃣ Wedding gifts or any cash gifts are treated as gifts under the Income Tax Ordinance, 2001.
2️⃣ If received through proper banking channels, they are not taxable.
3️⃣ However, gifts received in cash may create issues during scrutiny, so declaring them is safer.
4️⃣ It is advisable to mention them in your tax return under the “Gifts” section.
5️⃣ A gift deed should be maintained as supporting evidence in case FBR asks for documentation.