Gift Rules For 2024. If you are a richie mcmoneybags, then go ahead and. All you need to know about the gift tax in india.

Under the current rules, any gift received without consideration that exceeds ₹ 50,000 in a financial year is subject to tax as income, in accordance with section 56 (2) (vi) of the income tax. So now, let’s look at 5 points which will help you understand rules about incomes tax on gifts in a.