How much money can be legally given to a family member as a gift in 2020?
How much money can be legally given to a family member as a gift in 2020?
1) Gifts up to Rs 50,000 in a financial year are exempt from tax. However if you receive gifts higher than this amount, the entire gift becomes taxable. For example, if you receive Rs 75,000 as a gift from your friend, the entire amount of Rs 75,000 would be added to your income and taxed at your slab rate. Apr 19, 2021
