This website is purely ACADEMIC in nature and NOT a stock market recommendation service or a tip provider. No live data or feeds are provided and all information is historic only. Information is provided for ease of understanding for the purpose of learning. Accuracy of definitions etc is not mantained. I am not a SEBI or IRDA registered.
Tax on receiving gifts
|Home||Personal Finance||Mutual Funds||Equity|
Assume you hosted a party in which you recived, say Rs. 10 lakhs, as gifts.
Do you need to pay income tax on this gift money?
The answer is, it depends on who gave you how much money as gift.
Money received as gift from relatives (parents, brothers, sisters, uncles, aunts and grand parents) are exempted from income-tax.
The total money received from others (non-relatives) is taxable if it is over Rs. 50,000. You need to mention this data in your income tax return.