Diwali Gifts of Gold, Cash or Property: Key Tax Rules to Know

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Gifts of gold, cash or property given around Diwali can carry tax implications in India. According to the rules outlined, monetary gifts received without any consideration become fully taxable if their total during a tax year exceeds Rs 50,000. This means the entire amount, not just the excess, is subject to tax once the threshold is crossed. The guidance is aimed at people planning to give or receive such gifts during the festive season. The article draws on details reported by NDTV.

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