Tax on gifts received

In plain language

[DRAFT — confirm the exact limit and relative list in review.] Gifts are taxed under Section 92 as income from other sources:

• Money — if the aggregate received without consideration in a year exceeds the prescribed limit (traditionally ₹50,000), the whole amount is taxable.
• Property (immovable / shares / jewellery) received free or below value can be taxable on the difference.
• Exempt — gifts from specified relatives, on the occasion of marriage, under a will/inheritance, and certain others.

Reviewer: confirm the monetary threshold and the definition of "relative" under the 2025 Act.