Gift to Huff by Member – File Tax Online | online tax services in india

The taxability of gifts is always a matter of concern, every person wants to know about the taxability provisions that will be applicable to him while receiving gifts from his near and dear ones. So let us first consider what is considered a gift under the provisions of the Income Tax Act, 1961. As per the taxability provisions, gifts can be classified as follows- Any amount received without consideration is called a ‘monetary gift’. Specified movable property received without any consideration is called ‘gift of movable property’. Specified movable property…