Income Tax: How much tax is levied on giving and taking gifts, know the rules of income tax..

Income Tax Rules: The income Tax Department imposes a tax on every transaction. You will be surprised to know that the Income Tax Department also imposes a tax on gifts (Taxability of Gifts rules). In such a situation, it becomes very important that before accepting a gift, you must check how much tax you will have to pay on the gift you are giving. Many times people do not know this, after which they have to face difficulties.

There is no tax on giving gifts to these people-

For information, let us tell you that if you give any kind of gift to your blood relatives (Income Tax rules for blood relatives) and close relatives, then you do not have to pay tax on that gift. But if a friend of yours gives you a gift, then it comes under the purview of tax (tax rules). If you give gifts to relatives like husband-wife, brother-sister, brother or sister of husband/wife i.e. sister-in-law, sister-in-law, brother-in-law, brother-in-law, brother-in-law of mother/father (gift to parents) i.e. aunt, maternal uncle, paternal uncle, grandparents, grandparents of husband/wife, son or daughter and husband or wife of brother/sister, then no tax is levied on you by the income tax (exempt from income tax) department.

Giving these gifts can be costly-

If you give gifts (gift tax rate) to anyone other than your friends and acquaintances or close relatives, then you have to pay tax on giving these gifts. If you gift your friend or acquaintance more than 50 thousand rupees (tax on gift money in India) as a gift, land or house, shares, jewelry, painting, statue, etc., whose value is more than 50 thousand rupees, then it is included in your taxable income. Its information also has to be given in the income tax return. If tax liability arises after tax (tax on gift from parents) calculation, then you have to pay that tax. On the other hand, even if the gift of relatives (gift tax in India 2025) is more than 50 thousand rupees, it still comes in the category of tax-free.

It is important to know these rules-

- No tax (gift tax calculator) is levied on the transaction of gifts between husband and wife because the income from gift transactions is included in the scope of income clubbing.

- Apart from this, property, shares, bonds, cars, etc. if you get any gift from your relatives then it is tax-free. If you get these things as a gift from friends or acquaintances then you have to pay tax on it.

- Gift received on marriage (gift received by an individual) is considered completely tax-free. On the other hand, the gift received from the employer is kept in the tax category.

- It is right to take a gift of up to 50 thousand rupees (tax on cash) in a year from friends or acquaintances. You do not have to pay any tax on this gift. On the other hand, if the gift is worth more than 50 thousand, then you have to pay tax.

- On the other hand, if you take property (property gifting rules) as a gift from your relatives then it is not included in the tax liability. You have to pay tax on selling that property.

- You do not have to pay any tax on the property received through a will (Ancestral property selling rules), however, you have to pay tax on selling this property.

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