This is how Hacienda watches over the gifts of baptisms, communions and weddings

This year baptisms, communions and weddings are celebrated again with relative normality. Although the capacity restrictions are still in force and the use of the mask continues to be mandatory, the anti-COVID measures are much more relaxed than those of 2020. If you plan to celebrate any of these events, such as your wedding, you must be very careful with money and gifts, because the Treasury could investigate them.Hacienda, based on Law 29/1987, of December 18, on Inheritance and Donations Tax, can intervene in the money that a couple receive as a gift for their wedding. the gifts received in this type of celebration are “acquisition of goods and rights by donation or any other legal business free of charge between intervivos.” In simple terms, it refers to the money that one person gives to another without any justification on a legal basis, and that entails an increase in the capital of the recipient.Usually, when guests give money away, the amounts range from 150 and 400 euros, so that they go unnoticed by the Tax Agency. Now, you have to be very careful if a guest is very generous and transfers more than 3,000 euros or gives them to you by hand and then you go to deposit them at the bank. The same goes for the 500 euro banknotes. If you enter them into your checking account, the bank will ask you where they come from. The Hacienda has a period of four years to ask you about the gifts you receive at a baptism, a communion or a wedding. How are gifts taxed? With the law in hand, the truth is that absolutely all the gifts received in this type of ceremony would have to be declared.They are not taxed through the Income Statement, but through the Inheritance and Donation Tax, whose taxation is defined by the autonomous community, the value of the donation and the degree of kinship with the donor. In the case of Murcia, Madrid , Andalusia and La Rioja, a 99% discount is applied to donations between parents and children, so that only the remaining 1% of the tax fee has to be paid.Finally, we want to point out that in most cases the Tax Agency it does not intervene, but, just in case, it is better to comply with current regulations.