Gift Tax 2024 Exemptions In India. However, the income tax act 1962 includes key provisions which allow you to receive various tax. As per the provisions of section 56 (2) of the income tax act, 1961, any gifts (in cash or kind) received by an individual or huf (hindu undivided family) over rs.

How do you calculate the taxable value of a gift? The immovable property provided to an individual without consideration is termed as a gift of immovable property.