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# 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’.