An income tax is a tax imposed by the government on the income earned by individuals, businesses, or other entities.
According to the Income Tax Act, a gift may be money or movable/immovable property that an individual receives from another individual or organization without making a payment.
In the new regime, gifts of value up to Rs.50,000 per annum are tax-free. If the amount is over the limit, then the entire amount of your gift is taxable.
To view more FAQs related to the Budget changes 2023-24, click here.
Was this article helpful?
Related Links:
❓FAQs - To read more FAQs about Income Tax, click here.
📃Documentation - To read more about the Income Tax page, click here.
▶Video - To watch the video on Income Tax, click here.
📢Product Update - To read our product update, click here.