India

Got lots of gifts on Diwali? Know tax implications

Got lots of gifts on Diwali? Know tax implications
 

During the Diwali festival, people share their happiness by way of exchanging gifts. However, there are chances that such gifts may unknowingly attract income tax provisions.

In this exclusive with Financial Express, Dr. Suresh Surana, founder, RSM India, discusses the relevant provisions of the Income Tax Act, 1961 (‘The IT Act’) applicable to the taxation of gifts

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