Money and property received as a gift is exempt up to INR 50,000.
Gifts are completely exempt from taxability if:
- Gifts received from relatives.
- Gifts received on occasion of the marriage.
- Gifts received under will/by way of inheritance.
- Gifts received in contemplation of death of the payer.
- Gifts received from any local authority.
- Gifts received from a fund, foundation, university, other educational institution, hospitals, or any trust or institution defined in Section 10(23C).
- Amount received from a charitable trust registered under Section 12AA.
*Note: Our algorithms will take gift income more than INR 50,000 as taxable income, and will be taxed at the slab rate.