Under the Income Tax Act, gifts from relatives are not taxed. Gifts received from one’s marriage or from a will are also not taxed, nor is one’s inheritance. But gifts from non-relatives are taxed if their aggregate value exceeds Rs 50,000 annually. The limit is applicable separately on money and movable properties
Under the Income Tax Act, gifts from relatives are not taxed. Gifts received from one’s marriage or from a will are also not taxed, nor is one’s inheritance. But gifts from non-relatives are taxed if their aggregate value exceeds Rs 50,000 annually. The limit is applicable separately on money and movable properties Under the Income Tax Act, gifts from relatives are not taxed. Gifts received from one’s marriage or from a will are also not taxed, nor is one’s inheritance. But gifts from non-relatives are taxed if their aggregate value exceeds Rs 50,000 annually. The limit is applicable separately on money and movable properties Moneycontrol Latest News Read More
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