Gift Tax 2024 Exemption In India. How does the income tax act define gifts in india? If the gift amount exceeds that, then the whole amount, not just the excess, becomes taxable as per the tax slab of the receiver.
Points to remember for saving tax by gifting. Till 1 st october, 1998, all gifts (including gifts to relatives), barring few exceptions, were chargeable to gift tax in the hands of the donor under gift tax act.
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