Is income tax levied on gifts received by a person?
Gift exceeding Rs 50,000 is taxable unless it is received from
- any person who is a relative or
- on occasion of marriage or
- under will or by inheritance or
- in contemplation of death of the payer or
- money received from a local authority
- money received from any fund, foundation, university, other educational /medical institution, hospital, any trust or institution referred to in section 10(23C) or from a registered charitable institute.