Received gifts? Don't forget to declare in Income Tax Return
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Received gifts? Don't forget to declare in Income Tax Return

Received gifts? Don't forget to declare in Income Tax Return
From the tax year 2017-18, it has became mandatory to disclose the gifts you receive. Until last year, there was no such compulsion. Initially, under Gift Tax Act 1958, tax was levied on gifts in the hands of the donor. The law was abolished in 1998. It was reintroduced in 2004 under the Finance Act 2004 and levied on recipient.
Here's a quick guide on how to declare gifts in income tax returns:

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