Gifting your family can be taxing in more ways than one

Did you know that a gift given to your relative is tax-free? Same is the case with a marriage gift. Below is a full range of gifts that can spare you from paying taxes. These gifts are non-taxable If they are a marriage gift If they are received under a will If they are received through inheritance If a person gives them in anticipation of their death If they are given by a relative* *Relatives under Income Tax Act include your and your spouse's family members. However, friends and cousins are not included. The gift could be anything, ranging from a fixed deposit to jewellery to real estate. (If you want to know more about how to save on tax, you must read this informative piece here). But before you go ban

This article was originally published on December 26, 2022.