Quote by: Mr. Ashwani Kumar, Founder and CEO, HelperWorld
“As per the income tax act, the government levies tax on the gift received in cash, immovable property, or specified movable assets, like shares, jewellery, painting, etc. The Union Budget 2022 proposes to include virtual digital assets within the scope of moveable assets. Thus, the gift of virtual digital assets (like Bitcoin, Tokens, or NFTs) from specified relatives (parents, siblings, children, grandparents, grandchildren, parents-in-law, etc.) is not taxable in the hands of the recipient. Meanwhile, the virtual digital assets in excess of Rs 50,000 from non-relatives are taxable. In case the total value of all the gifts received by a bride or bridegroom on the occasion of marriage is tax-free. However, the parents of the bride or bridegroom cannot benefit from an exemption.
Also, as per the government tax slab, if an employer offers any gift voucher in kind or cash amounting to less than Rs 5,000 during the financial year, then it is wholly exempt. However, if the value of the gift exceeds Rs 5,000, then the whole amount is treated as part of salary and taxed as ‘perquisite’.