Here is a quick guide on how you can save tax on gifts

Receiving gifts is definitely exciting, but one also needs to know the income tax implications such receipts could have. Gifts could be either in the form of cash or kind. Let us look at the tax implications in both cases.

Cash gifts

In case you have received a gift in cash, such a gift would remain tax-free unless the amount received exceeds Rs 50,000. If the receipt exceeds Rs 50,000, the entire receipt would be taxed under the head “Income from Other Sources”.

Gifts other than in cash

In a case you have received immovable property such as an apartment,