Gifts under Indian Law: Tax Rules, Exemptions & NRI Transfers Explained
In Indian law, a gift may take the form of: For income-tax purposes, a gift generally refers to an asset transferred without consideration or for inadequate consideration. Whether a gift is taxable depends primarily on: The Income-tax Act, 1961 treats certain gifts as taxable income. If an individual receives money, immovable property, or specified movable […]