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.

Gifts of these people may be taxed. If your friend or acquaintance or any such person gives you a gift, with whom you have no blood relation, then their gifts come under the purview of tax.

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 gift tax can apply to both cash and noncash gifts. ... In the event you receive a 1099-K for money you received from family and friends, Rosen, the IRS enrolled agent, ...

Billionaire Harlan Crow took Clarence Thomas on lavish trips and more, and that’s shining a spotlight on U.S. gift taxes for everyone. ‘It’s not a gift, it’s a party,’ one tax pro says.

According to the IRS, money received from friends and family as a gift or repayment for a personal expense should not be reported on a Form 1099-K. The payments aren't taxable.

A gift letter is a piece of legal, written correspondence stating that money received from a friend or relative is a gift. Gift letters are important when it comes to paying a real estate down ...