Tax On Diwali Gifts And Party

Here's a guide on which Diwali gifts and shopping expenses qualify for deductions and which don't

If you receive a cash gift of Rs. 1 lakh from your husband on Diwali, you will not be liable to pay tax on the gift, as it is from a specified relative.

Gifts from employer become taxable once their value exceeds Rs 5,000; bonus is also taxable

Companies have moved from the traditional coins, idols and mithai towards futuristic gizmos devices and personalised items. Work out your tax liability if you receive an expensive item or cash

Gone are the days of over-the-top Diwali parties. This year round, the taxman is the invisible - and unwanted - guest at these once extravagant affairs