Raksha Bandhan 2023: Is gifting cash to your sister taxable? Income tax rules explained here
Raksha Bandhan 2023: The gifts are taxable in the hands of the recipient under Section 56(2)(x) but gifts from certain specified relatives are outside the scope of this provision
Raksha Bandhan 2023: Raksha Bandhan, the beautiful festival celebrates the bonding between the siblings. Rakhi remains incomplete without gifts. However, the trends are changing with time. But one thing that has remained constant is the cash, the money that brothers tend to gift to their sisters. So, how much money can you give your sister on Raksha Bandhan 2023? Is it taxable? What does the income tax rule say?