Diwali Gifts And Bonus Tax Rule: We also have to pay tax on the gifts and bonuses received on Diwali. However, there are some rules and regulations regarding this. It is important to know about the rules and laws regarding the gifts you get on Diwali.
New Delhi: Diwali Gifts And Bonus Tax Rule: Diwali is coming. We often get gifts from friends, relatives or any other acquaintance on Diwali. Or we also give gifts to our friends and acquaintances on the occasion of Diwali. Apart from this, bonus is given to us in the office on the occasion of Diwali. But do you know that you may also have to pay tax on gifts and bonuses received on Diwali or any such occasion. Because of which you need to know the rules and laws related to tax on bonuses and gifts you get.
What is a gift
In a conversation with Zee Business Hindi, tax expert Sunil Garg has given information about the gift. Cash, money, land and house, jewelry, jewelry, paintings or expensive sculptures are all kept in the category of gifts. However, spouse, brother or sister, spouse’s brother or sister, mother/father’s brother or sister, grandparent or maternal grandmother, spouse’s grandparent or maternal grandmother, son or daughter, brother No tax has to be paid on the gift received by the sister from the husband or wife.
What is the tax on gift worth
Explain that you have to pay tax on gift received on marriage, gift received through will, gift received from local administration, section 10(23) – gift received from educational institution, gift from charitable institution and gift from relatives.
Under section 56(2)(x) of the Income Tax Act, 1961, gifts received by the taxpayer are liable to tax. Any immovable property like land, building etc. having stamp duty of more than Rs 50000, jewellery, shares, paintings or other costly articles exceeding Rs 50000 and immovable property other than Any property worth more than Rs 50000 has to be taxed.
