Gift is something given voluntarily without payment in return, as to show favour towards someone. The practice of giving and receiving gifts possibly started with Adam and Eve. Gifts are usually given out of natural love and affection, to close family members, and friends, on special occasions, such as marriages, birthdays and anniversaries, for a larger circle. Earlier, the Gift Tax regime taxed gifts in the hands of the donor. The rationale behind charging Gift Tax was to deter tax evasion. Ho
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