Archive | Gift Tax

Are gifts from parents added to Gross Income?

Gifts received from Parents are exempt from Tax. You can read about Gifts & taxes in detail here How are GIFTS Taxed? – The clearTax Blog Do note however that any income that you, as an adult child, earn on such Gifts has to be included in your Income. For example, if your parents gift you fixed […]

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Gifts of Love may attract Tax

Let me tell you we are all for love 🙂 ; but remember never mix Love and Taxes! The Income Tax (like a frumpy old aunt) has laid down that any Gifts (cash or kind) outside what are called ‘Relatives’ shall be taxed. What more, Income Tax has gone ahead and defined who shall be […]

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Gifts and Tax

How are GIFTS Taxed?

In our last post we read about how certain incomes may be clubbed to your income, and get taxed as your own income. What about gifts? Any discussion about clubbing of income is not complete without talking about the rules around Gifts. What happens when you decide to transfer assets or money as gift to […]

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