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    HomeNewsBusinessPersonal FinanceDo you have to pay tax on gifts received?

    Do you have to pay tax on gifts received?

    Tax is applicable on gifts received from non-relatives once the aggregate value of gifts received breaches the Rs 50,000 annual limit. The limit is applicable separately on money gifts and movable properties. For immovable property, the limit applies per transaction and not in aggregate.

    Maulik M
    March 18, 2024 / 19:37 IST
    Money gifts, or immovable properties and specified movable properties received for no / inadequate consideration from non-relatives are treated as gifts.
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