Tax on gifts received depends on value, occasion

The October-December quarter is considered auspicious by many, as a lot of festivals are celebrated during this period, and there is the marriage season as well. Typically, a lot of gifts are exchanged during this time. While gifts are welcome, most people are either not aware of, or ignore the tax liability that comes with them. The tax liability on a gift varies according to its value, the occasion on which it was given, and the relationship between the person recei