Diwali gift tax rules 2026: Will gifts worth over ₹50,000 from friends attract tax on the entire amount? Expert explains

Diwali gifts worth over ₹50,000 from friends can attract income tax on the entire amount. CA Swati Jain explains the ₹50,000 annual exemption, tax rules for gifts from relatives and employers, and how recipients can avoid unexpected tax liabilities. Read on to learn more.