Gifts Received From Parents, Relatives Or Friends: Understanding Their Taxability In India
Giving and receiving gifts is a common practice in India, whether during festivals, weddings, family occasions, or personal milestones. Gifts may be received in the form of money, jewellery, shares, property, or other valuable assets. While many people assume that gifts are always tax-free, the Income Tax Act contains specific provisions governing their taxability. Under […]