HOW ARE GIFTS TAXED IN INDIA?
Today, law related to taxation of gifts cover all ‘persons’ who are in receipt of specified gifts
BV Y IKAS VA SAL
Pallavi Talavlikar and Sameer Shah contributed to this article.
Vikas Vasal is national leader tax–Grant Thornton India LLP. You can send your queries to email@example.com
The word ‘gift’ generally brings with it a feeling of reward and gratitude, without any obligation on part of the recipient. However, little does a recipient know that the gift could also have a tax incidence associated with it.
Broadly speaking, the...
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