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Income Tax - Frequently Asked Questions (FAQs)

FAQs on Gifts received by an individual or HUF

Are monetary gifts received from friends liable to tax?

Contents

Ans. Gifts received from relatives (as defined in the previous FAQ) are not charged to tax.

Friend is not a relative as defined in the list and hence, gift received from friends will be charged to tax (if other criteria of taxing gift are satisfied).

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