What do you know about Gift Tax in India?
Monday, September 10, 2018, 10:46 AM
In India we express our love and affection through gifts. As per the Income Tax Act, 1961 if the value of gifts received is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form – cash, jewellery, movable and immovable property, shares etc.