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Tax on wedding gift received from American citizen

Others 192 views 1 replies
Dear All

I recently got married and my father's cousin brother who is an American citizen has transferred US $5000 to me as wedding gift to my bank account.

For the transaction to go through i need to provide my bank with a purpose code for the money coming through. Now I could not find any option in the purpose code list that says wedding gift and also the gift option that is there in the list is only applicable in case of blood relatives which he is not.

So need suggestions on what purpose code to provide to my bank and further how to show this as non taxable income as this is a wedding gift.

Thanks
Replies (1)
Can you post Code list


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