Received an expensive gift this Diwali? You may be liable to pay income tax on it—check details

Gifts received on the occasion of Diwali fall under the purview of income tax. If the value of gifts surpasses ₹50,000, it is taxable. The gifts include cash, gold and shares, among others. However, gifts given to relatives as per the Income Tax (I-T) Act are exempt.
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