Gift Tax in India
When is Gift Taxable?#
- Sum of money received without consideration
- Property received without consideration
Exempt Gifts#
- From relatives
- On marriage
- Under Will/inheritance
- From charitable trust
Tax Treatment#
- Added to total income
- Taxed as per slab rate
Documentation#
- Gift deed for property
- Bank statements for cash
- Relationship proof
Conclusion#
Know gift tax rules to avoid surprises.