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Query: At what rate gifts are chargeable to tax

Category: Income Tax

Answer: Any gifts, whether monetary or non-monetary which becomes chargeable due to crossing threshold & other conditions, are added as other income of the assessee under the head “income from other sources”, and are added to other taxable income of the assessee and normal tax rate as per the applicable slabs will apply to the gift income as well.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 408



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