Gift Tax 2024 Exemption In India. Gifts are taxed in india under the income tax act, as there is no separate gift tax in india since the abolishment of gift tax act of 1958 in 1998. As per changes made by finance act 2023, with effect from 1 april 2023, any gift of a sum of money made by a ‘resident’ of india, being the giver, to a ‘resident but not.
How does the income tax act define gifts in india?. If the gift amount exceeds ₹50,000, the entire amount becomes taxable for the recipient under.
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