🎁 Taxation of Gifts under Income Tax Act (Section 56(2)(x)) ❗ Gift = Income? YES, Sometimes Many people believe gifts are always tax-free. 👉 Wrong assumption — wrong reporting leads to notices & penalties . 🔍 What Does the Law Say? If a person receives money, property or assets without consideration or for inadequate consideration , it may be taxable as “Income from Other Sources” . 💰 Gift in Cash 🟢 Not taxable if total gifts ≤ ₹50,000 in a financial year 🔴 Taxable i