Under the Income Tax Act, gifts received from relatives are not taxed. Gifts received on the occasion of one#39;s marriage, or by way of a will, too, are not taxed, nor is one#39;s inheritance. But gifts received from non-relatives are taxed once their aggregate value exceeds Rs 50,000 annually. The limit is applicable separately on money gifts and movable properties
Under the Income Tax Act, gifts received from relatives are not taxed. Gifts received on the occasion of one#39;s marriage, or by way of a will, too, are not taxed, nor is one#39;s inheritance. But gifts received from non-relatives are taxed once their aggregate value exceeds Rs 50,000 annually. The limit is applicable separately on money gifts and movable properties Under the Income Tax Act, gifts received from relatives are not taxed. Gifts received on the occasion of one#39;s marriage, or by way of a will, too, are not taxed, nor is one#39;s inheritance. But gifts received from non-relatives are taxed once their aggregate value exceeds Rs 50,000 annually. The limit is applicable separately on money gifts and movable properties Moneycontrol Latest News Read More
English 
हिन्दी