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Tax on receiving gifts

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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.

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