Will you be taxed on Diwali gifts received? Check how various sources of gifts will be taxed

Have you received high-value gifts this Diwali from your friends and relatives. It may happen that you end up paying tax on Diwali gifts recieved. It is important for an individual to know the income tax rules regarding taxation of gift. Read on to know when and how you will be taxed on Diwali gifts received from friends, relatives and employer.

from Tax-Wealth-Economic Times https://ift.tt/Ni73BUw