The Income Tax Department clarifies that monetary gifts to individuals/HUFs are tax-free in specific scenarios, including those from relatives, on marriage, or through inheritance. Gifts exceeding Rs 50,000 annually from non-relatives are taxable. An illustration clarifies the tax implications of gifts from friends and relatives, emphasizing the Rs 50,000 threshold.
from Tax-Wealth-Economic Times https://ift.tt/ziC9IHS
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