Tax On Gifts

The court held that a gift is a voluntary transfer and does not require consideration. Only when there is consideration received can profit or gain be measured

In India, if an individual receives a gift, whether it's cash, immovable property, or any other item of value exceeding Rs. 50,000 from a non-relative, it generally falls under taxable income.

In the absence of any regulation, a demand can be raised even in case of accidents or partial disability

Gifts from an employer to employee is taxable as perquisites if their value is more than Rs 5,000.

If the property is gifted by your uncle to your wife, the transaction will not be covered under the exemption

If an employee receives a present from a business acquaintance, it is tax-free unless items include jewellery, bullion and property, among other things