Category Archives: Tax Gift Income

Taxation of Gift Income under Income Tax Act and Meaning of different terms used in section 56(2)(vii) of the Income Tax Act, 1961. Section 56(2)(vii) is applicable on the gift  from any person or persons on or after the 1st day of October, 2009, So for any gift taken before this period will be covered under… Read More »

Taxation and Myth related to Gifts Received in India (adsbygoogle = window.adsbygoogle || []).push({}); Myth: Gifts are not subject to Income Tax in India False: Many individuals are under perception that gifts are free from tax. But in reality, gifts costing above Rs. 50,000 rupees are taxable. Previously gifts were tax-exempt and to reduce tax liability people… Read More »