Did you know: when gifts of monetary value are not taxed2 min read . Updated: 20 Nov 2017, 11:53 PM IST
Normally, when you receive gifts they are taxable in your hands. However, there are several situations when you do not have to pay any tax on the gifts you receive
Gifts are welcome in any form. Among gifts, many people prefer to receive cash because they can use it as they want to. However, unless received from specified relatives, these gifts can be liable to tax. But here is some good news. Under certain conditions, even monetary gifts do not attract income tax in the hands of the recipient. Read on to know more.
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