A gift below Rs 5,000 is exempted from taxation. Over Rs 5,000 is treated as part of your salary and taxed based on tax slab
These gifts are entirely exempted from tax, provided the donor qualifies as a relative defined for tax purposes
Taxable when the aggregate value of gifts received during a year exceeds Rs 50,000 as they come under the category, 'income from other sources'
If the difference between the consideration and stamp duty is over Rs 50,000, the transfer is taxable
The most effective way to sidestep gift tax is to avoid gifts in form of cash or property that exceed Rs 50,000
Invest the gift that is over Rs 50,000. This helps in saving taxes and generating tax free income