“As long as the gift is from a non-relative within the ₹50,000 threshold, it will not create a tax event for the recipient under income from other sources. If it is above ₹50,000, the total gift amount will be taxable in the hands of the recipient. If the gift is by spouse, sibling, parents, etc. these are exempt from tax,” said Nitesh Buddhadev, a Mumbai-based chartered accountant and founder of Nimit Consultancy.
