How are gifts from friends taxed?

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How are gifts from friends taxed?

Are monetary gifts received from friends liable to tax?

Profile photo of  Sonal Kutade Asked By: Sonal Kutade 1 replies 1 helpful answers Last Updated: 10 months, 2 weeks ago
  • Profile photo of  Sonal KutadeSonal Kutade
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    Are monetary gifts received from friends liable to tax?

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

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