GIFT TAXATION IN INDIA

Gift Taxation in India In India, gifts are subject to tax under the Income Tax Act after the repeal of the Gift Tax Act in 1998. Although there is no specific gift tax, gifts exceeding a certain value are taxed as part of income. Gifts up to ₹50,000 annually are exempt from tax. Additionally, gifts from specific relatives, such as parents, spo

Gift Taxation in India In India, gifts are subject to tax under the Income Tax Act after the repeal of the Gift Tax Act in 1998. Although there is no specific gift tax, gifts exceeding a certain value are taxed as part of income. Gifts up to ₹50,000 annually are exempt from tax. Additionally, gifts from specific relatives, such as parents, spo