Gifts received during the financial year may be taxable and need to be reported in the income tax return. Taxpayers should be aware of exemptions and the new reporting field for non-taxable gifts to maintain compliance.
ITR filing 2026: Do you need to disclose both taxable and exempt gifts received from friends and family?
livemint.com - 24 Jul 2026 16:55
Gifts received during the financial year may be taxable and need to be reported in the income tax return. Taxpayers should be aware of exemptions and the new reporting field for non-taxable gifts to maintain compliance.
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