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    QONEQT in News

    18-Oct-2022 08:00 AM


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    You Can Be Taxed On Certain Diwali Gifts Received, Check Details

    Certain Diwali gifts received may attract tax, know more The festival of Diwali is all about spreading smiles and joy.
    The definition of relatives, however, does not include friends; thus, gifts received from them fall in the category of "income from other sources" and are subject to tax as per the applicable tax slab.

    Gifts are classified into different categories depending on their nature.
    If gifts have been given in the form of land or building, they are considered immovable property.

    Meanwhile, gifts such as jewellery, paintings, drawings, shares/securities, and collections, among others, are movable properties and are subject to tax if the fair market value of the items received by an individual is more than Rs 50,000.
    Source: NDTV