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Happy Diwali 2021! Know how much cash you can take as gift without paying income tax
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Sharing gifts is a part of Diwali celebrations. From goods and gold to sweets and snacks, we like to share all types of gifts with our loved ones.
But what about cash? Is it wise to share cash as a gift on Diwali? And, are there any tax implications on sharing cash as a gift. As you celebrate the festival of lights, FE Online talked to Dr Suresh Surana, Founder, RSM India, to find answers of these queries. Take a look:
How much cash can an Individual receive as gift on Diwali without drawing taxmen’s ire?
As per the provisions of Section 56(2)(x) of the Income Tax Act, 1961 (‘IT Act’), if aggregate sum of money received by an individual exceeds Rs. 50,000 without any consideration during a particular Financial Year, then such sum shall be
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