Gift tax exemption for individuals is limited to marriage; gifts on birthdays, anniversaries and other occasions are taxable. Only gifts received on the occasion of marriage of the individual are not charged to tax; no other occasion creates an exemption. Gifts received on ... Summary
Gift tax exemption for individuals is limited to marriage; gifts on birthdays, anniversaries and other occasions are taxable.
Only gifts received on the occasion of marriage of the individual are not charged to tax; no other occasion creates an exemption. Gifts received on birthdays, anniversaries or other personal occasions are taxable, and this treatment applies to gifts received by an individual or a Hindu Undivided Family.
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