Income Tax

Gifts have been seen as a symbol of love and affection since time immemorial. In reality, they can denote social standing in various circumstances. Regardless, gifts can be used for tax planning and as a means for individuals to avoid paying taxes. While the importance of gifts in tax planning is recognized in multiple ways, dodging the same is absolutely forbidden and punishable. As a result, in order to avoid such consequences and make the most of tax planning, people need to get familiar with the issues of tax on gifts in India.