Tax Treatment for Gifts received from Employer & Relatives on Diwali?

Raj Bhagwat

Dear all, First of all, wish you all a very happy Deepavali & God bless you all.
Can anybody share the tax treatment to Gift received from Employer & Relatives?
Thanks in advance.
12th November 2020 From India, Kalyan

prateekkulshrestha03@gmail.com

Dear Raj
Wishing you also a very Happy Diwali ....
Aggregate value of cash gifts received without consideration during a financial year (FY) would be taxable as other income in the hands of the recipient. However, if the aggregate value of such gifts is less than Rs 50,000, then it would be exempt from tax.
Regards
12th November 2020 From India , Gohana

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Tax Treatment for Gifts received from Employer & Relatives on Diwali?

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