MANAGEMENT

Detailed explanation-1: -all gifts are charged to tax Hence, if the aggregate value of gifts received during the year exceeds Rs. 50, 000, then total value of all such gifts received during the year will be charged to tax (i.e. the total amount of gift and not the amount in excess of Rs. 50, 000).

Detailed explanation-2: -Gifts received from relatives is not taxable and there is no limit on the amount of money that can be received as a gift from a relative that is not taxable.

Detailed explanation-3: -The federal estate tax exemption shields $12.06 million from tax as of 2022 (rising to $12.92 million in 2023).2 There’s no income tax on inheritances.

Detailed explanation-4: -Gifts From An NRI to A Resident Indian Gifts offered by NRIs to RI relatives are exempt from taxes. Gifts offered by NRIs to RI friends or acquaintances are tax exempted if the value does not exceed INR 50, 000. Income from gifts by NRIs to RI friends or acquaintances is taxable if the value exceeds INR 50, 000.