How much Tax on Diwali Gifts in India?

by Estartup India Grow Business With Us

Presenting a gift to a person on the joy-filled eve of Diwali implies how much that person is special to you. A gift is very summit of all your thoughts and good wishes, packaged gorgeously. It is assured to make a character feel special and overjoyed when it is presented to anyone. In this article, we will discuss the importance of Diwali Gifts in India

Gifts to Celebrate Diwali

Diwali is celebrated not only in India but in various countries almost the world with full of enthusiasm. From the UK to Singapore, to Fiji, the joy of Diwali is spread to all corners of the globe. Exploring the blessings of the divine, puja is allowed to Goddess Lakshmi and Lord Ganesha, to bestow good fortune and prosperity on the family.

Importance of Diwali Gifting in India

The glow of Diwali enamours all in joy-filled splendour. Here are some of the principal points describing the essence of gifting on this festival of happiness and delight–

Paying Homage to Age-Old Traditions

An interchange of gifts is one of the principal highlights of Diwali. Big or small, opulent or simple, gifts given and endured among family and friends on Diwali are always joyous.

Rekindling Bonds

Gifts are one of the most ideal ways to express your joyous feelings for the receiver. There are ways to rekindle that bond of closeness that you both share than by a gift presented to everyone.

Raising Harmony and Unity

Bonding restricted to one other is an essential aspect of Diwali. Through an exchange of gifts, one may inculcate the very basis of these virtues on this glorious celebration.

Occupying the Most Joy of Diwali

With fireworks bursting all round and treats existing shared between all your friends, folks, and loved ones, the joy of Diwali is always emphasised by gifting.

Tax on Gifts

The users are obligated to obtain ITR filing if the income is above the basic exemption limit of Rs 2.5 lakh for individuals below the age of 60. Also if the income endures below the basic exclusion limit even after receiving some gifts. Read more about Tax on Diwali Gifts

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Created on Nov 10th 2020 06:22. Viewed 65 times.


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