Diwali Cash Gifts From Friends And Relatives May Attract Tax: Check Who Is Exempt And How Much Money One Can Receive

Diwali Cash Gift Tax Rules Under the Income-tax Act cash gifts received from relatives spouse siblings parents’ siblings lineal ascendantsdescendants and their spouses are fully tax-free no matter the amount Whereas gifts from non-relatives are tax-free only if the total received in a financial year is Rs 50000 or less