Mavra Sibella

Gift Tax 2024 Limit In India. If the gift amount exceeds ₹50,000, the entire amount becomes taxable for the. Any gift received from a relative as defined under the income tax act is not taxable in the hands of the recipient, irrespective of the amount received, in other words,.

If you fail to file the gift tax return, you’ll be assessed a gift tax penalty of 5 percent per month of the tax due, up to a limit of 25 percent. Here’s how a gift is treated for tax if a resident indian receives it from an nri: