"Taxing 🎁 Gifts In India: Rates, excemption,and more"🎁👭💸🏠

Описание: "Taxing 🎁 Gifts In India: Rates, excemption,and more"🎁👭💸🏠#shortvideo#shortsvideo#shorts#short#tax

In India, the gift tax is governed by the Income-tax Act, 1961. Here are some key aspects:

1. Taxable gifts: Include movable and immovable properties, securities, and cash exceeding ₹50,000 in a financial year.

2. Exemptions:
Gifts from relatives (spouse, parents, siblings, etc.)
Gifts received on occasions like marriage, inheritance, or will
Gifts received from charitable trusts or institutions

3. Tax rates: Gift tax is not separately levied; instead, the recipient is taxed on the gift value as income.

4. Filing requirements: The recipient must disclose gifts received in their income tax return (ITR).

5. Threshold limit: Gifts up to ₹50,000 in a financial year are exempt.

6. Clubbing provisions: Gifts received by a spouse or minor child are clubbed with the income of the donor.

7. Tax deductions: Donors can claim deductions for gifts made to charitable institutions or trusts.

Recent changes:

1. Budget 2023: The exemption limit for gifts received from non-relatives was increased from ₹50,000 to ₹2 lakhs.

Consult a tax professional for specific guidance on gift tax laws and regulations in India, as they are subject to change.

#shortvideo#shortsvideo#shortsfeed#shorts#short#shortsviral#shortfeed#shortvideos#shortsyoutube #shortsbeta#shorttrending#follow#subscribe #subscribers#sub#subscriber#subscribemychannel#subcribe#trending#trendingshorts#trend#trendingvideo#trendingreels#trendingsong#trendingshort #trendingstatus #exam#commerce#cainter#tax#pgtrbcommerce#viralvideo#viralshorts#viralshort#viralvideos #viralreels#viralsong#viral_video