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GIFT paid - In ITR

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Pradhish Raj

46 Points Posted on 21 November 2021

Good morning everyone,

I've paid Gift to my relatives worth Rs. 10L in a FY.

So, is that taxable under my hand ? or the receiver.?

and am required to report this anywhere in ITR ? .

thanks 😊

Replies (3)

Quick Summary

This discussion clarifies the tax implications of paying gifts. Gifts paid to relatives are generally not taxable in the payer's hands. The tax liability, if any, falls on the receiver, provided they are not defined as a 'relative' under Section 56(2) of the IT Act. In most cases involving gifts to relatives, the amount is fully exempt from tax.