Received cash, property or shares as gifts? You may have to pay tax as per ITR reporting rules in these cases - The Economic Times

Gifts from specified relatives are fully exempt from income tax. Non-relative cash gifts exceeding fifty thousand rupees become taxable. Immovable property gifts are taxed based on stamp duty value. Specified movable assets received without consideration are also taxable. Taxpayers must report taxable gifts under 'Income from Other Sources'.

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