Mon, Sep 18, 2017
As per the Income Tax Act, 1961 if the value of gifts received is more than Rs 50,000 a year, then such amount is taxed as income in the hands of the receiver.
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![Things you should know about "Gift Tax" before receiving, giving this festive season](http://50342.g72ip.group/sites/default/files/styles/zeebiz_160x90/public/2017/09/18/23905-tax4-pixabay.jpg?itok=dNjVCHPR&c=4e28e6c2e028138d95275ade810705f2 "Things you should know about "Gift Tax" before receiving, giving this festive season")