Is Income Tax Levied On Gifts Received By A Person?

Is income tax levied on gifts received by a person?

Free Legal Advice - taxation

Posted by: Yudhveer Singh

Posted on: 2018-09-04

Gift exceeding Rs 25,000 is taxable unless it is received from any person who is a relative or on occasion of marriage or under a will or by inheritance or in contemplation of death of the payer.

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Is Income Tax Levied On Gifts Received By A Person?