Tue, Jan 24, 2023
Budget 2023: If the value of the gift exceeds Rs.50,000, then the gift is taxed as income in the hands of the person who receives the gift.
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Wed, Oct 12, 2022
Diwali Gift Tax Rules: Government in 1998 had abolished tax on gifts but reintroduced it in 2004 in a new form and included the same in the Income Tax provisions.
Mon, Jan 17, 2022
Gift Tax was introduced in 1958-59 by former prime minister Jawahar Lal Nehru. Nehru, who was also the finance minister at that time, presented the gift tax provision during the union budget presentation. Watch the full video to know why exactly this tax was introduced.
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