Gift Tax 2024 Exemptions In India. Under the income tax act, gifts received by an individual are taxed as income under 'income from other sources.'. Gift tax exemption is also available from gifts received from relatives, which include parents, siblings, lineal descendants, spouse, their siblings, and lineal descendants.
Gift received on the occasion of the marriage is exempt from tax. Gifts up to rs 50,000 per annum are exempt from tax in india and gifts from relatives like.
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