INTERVIEW QUESTIONS TAX GIFT TAX DETAILS

Question: What is the tax liability of gifts received from friends?

Answer: It is only the gifts received from relatives that are exempt from tax liability. Unless the gift comes under any under exemption, it would not be exempted from tax by the virtue of being given by a friend.

It is only the gifts received from relatives that are exempt from tax liability. Unless the gift comes under any under exemption, it would not be exempted from tax by the virtue of being given by a friend. Source: CoolInterview.com

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