Gifts received on the occasion of Diwali fall under the purview of income tax. If the value of gifts surpasses ₹50,000, it is taxable. The gifts include cash, gold and shares, among others. However, gifts given to relatives as per the Income Tax (I-T) Act are exempt.
Gifts received on the occasion of Diwali fall under the purview of income tax. If the value of gifts surpasses ₹50,000, it is taxable. The gifts include cash, gold and shares, among others. However, gifts given to relatives as per the Income Tax (I-T) Act are exempt.