It is important to know what is taxable and what’s not!
According to Section 56(2)(vi) of the Income Tax Act, gifts from non-relatives—whether cash, property, or valuable items like jewellery—that exceed ₹50,000 must be reported as income.
These gifts are taxed according to your income tax slab rate, which ranges from 5% to 30%, depending on your total income. However, gifts from ‘close relatives’ are exempt from tax.
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