All you need to know about taxes on gifts and the exceptions
Experts suggest that giver must ensure that gift is genuine and there isn’t any black money and money laundering involved
India is a land of festivals and gifting is an integral part of our culture. However, with a simple gift comes a lot of compliance that people have to meet in terms of taxation. As per the government rules, any gift in form of cash, cheque, land, building or property is taxable in the hand of the receiver if it exceeds more than ₹50, 000 within a financial year.