The Income Tax Act, 1961, has clear provisions about how gifts are taxed and when they should be reported. So, it’s important to report gift items accurately in your ITR filing to avoid a notice ...

Gifts received from family come under the purview of income clubbing. Therefore, no limit has been kept on it. However, you will have to pay capital gain tax on the profit made from the gift.

Home; taxes; What is the Gift Tax Exclusion for 2024 and 2025? Complying with the annual gift tax limit can save you time and money when you are giving to family, friends and others.

Traditional wills alone often fall short when protecting substantial assets and ensuring a smooth transfer to future ...

If you’re planning to make a large gift of money or property to someone—whether a family member, neighbor, friend or otherwise—then the gift tax should be on your radar.

The post Do I Have to Worry About Taxes if I Loan a Family Member $45,000? appeared first on SmartReads by SmartAsset. ... Gift loans may or may not trigger tax consequences, ...

The average Canadian family will save $280 on their taxes next year from the Liberal government's planned income tax cut, the ...

Our estate planning expert explains why deathbed gifts are 'mostly' a bad ... the family farm's worth a couple of $100,000. Right, but I inherited the farm ... I get a step up in income tax basis.

Income Tax Return Filing: Weddings in India are a grand affair, when family and friends come together to celebrate the happiness of the couple who are tying the knot. Along with the celebrations come ...

Home; Taxes; What is the Gift Tax Exclusion for 2025? Complying with the annual gift tax limit can save you time and money when you are giving to family, friends and others.