A taxing situation
Giving gifts to your loved ones could also impose a tax burden on them except in these cases.
Receiving a gift from a loved one can most certainly bring joy but with that being said, such gifts can also come with tax liabilities. It's a sad fact that not all gifts are tax-exempted. If the gifts received by an assessee during a year exceed the limit of Rs 50,000, then the excess amount is to be
