Taxability on gifts, rewards and rewards given to Sportsperson / Olympic Participants

Taxblock , Last updated: 25 September 2021
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TAX ON GIFTS IN INDIA In India, a gift is exempted up to Rs. 50,000 and gifts from specific relatives such as parents, spouses and siblings are also exempted from tax. Gifts other than those received from specified relatives are taxable. Tax on gifts falls under the purview of the Income Tax Act

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Category Income Tax Report