# gift taxation
2 posts in `gift taxation` tag
Taxation On Gifts Under Section 56(2)(x)(b) Income Tax Act 1961
First of all, before receiving any gift from anyone, just ensure that the gift is from a real or genuine person or source. It must not be related to proceeds of crime, black money, or scammers.
Taxability Of Gifts Received By Individual Or HUF Member U/S 56,2
Government has considered to add tax on gifts to be applicable as receiver’s income under the head ‘Income from Other Sources’.