How is gift tax calculated in india?

Asked By: Joanny Goyette
Date created: Thu, Apr 8, 2021 7:08 PM
Best answers
Answered By: Daija Nolan
Date created: Fri, Apr 9, 2021 6:24 AM
1) Gifts up to Rs 50,000 in a financial year are exempt from tax. However if you receive gifts higher than this amount, the entire gift becomes taxable. For example, if you receive Rs 75,000 as a gift from your friend, the entire amount of Rs 75,000 would be added to your income and taxed at your slab rate.
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