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Beware! Diwali, Dhanteras 2021 gifts can be taxed. Check these Income Tax rules to avoid taxmen’s Ire
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financialexpress.comIncome Tax Rules for Diwali Gifts Received from Family Members and Friends: All of us like to share gifts with our loved ones on the occasion of Diwali or Dhanteras. Not just sweets and goodies, we share gifts in the form of cash, gold and silver as well.
However, not many of us are aware that some of the gifts, if not reported properly, may draw the taxmen’s ire. According to Section 56 (2) of the Income Tax Act, gifts received in a financial year can be taxed as per the slab rate as ‘income from other sources. This article explains all that you need to know about tax implications for gifts received during festivals, or on any day during a financial year.
Gifts that are received in cash and without any consideration, like goods or services
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