Gift Tax 2024 Rates In India. Gift tax is regulated as per section 56 (2) (x) of the it act. The immovable property provided to an individual without consideration is termed as a gift of immovable property.
According to the income taxact, money or movable/immovable property that an individual receives from another individual/organization without making a payment is termed as โgiftโ. Gifts are of three types monetary, immovable property, and.