Gifts are of three types monetary, immovable property, and movable property, the taxability on such gifts vary depending on the Occasion (such as Birthday, Anniversary, Marriage / Wedding, Festivals like Dussehra, Diwali, Christmas, Ramzan) and the person and/or entity (such as Friends, Relatives, Will or Inheritance, Trust etc.) from which such gift was received. Gift Tax Calculator gives you the taxability of a transaction. Updated per latest Budget 2023
Get to know more at Tax on Gifts in India | Exemption and Rules
Get frequently asked questions on Gifts and Other Income at What is Other Income in Income Tax & FAQs
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