Tax Rules and Reporting Requirements for Gifts in Income Tax Returns for FY 2025-26
Taxpayers, including NRIs, must disclose gifts received during the financial year in their income tax returns, regardless of taxability. Gifts from specified relatives are exempt from tax, while non-relative gifts exceeding ₹50,000 are taxable. New ITR fields require reporting of non-taxable gifts to ensure compliance. Failure to disclose or misreport gifts may lead to penalties under the Income Tax Act. Additionally, FEMA rules govern asset transfers for NRIs receiving gifts from resident Indians.
First-hand measurement across 2 sources
We measured how 2 outlets covered this story. No outlet gave this story a measurable political slant — there is no left–right reading to report. Overall sentiment is neutral (52/100). Lens Score 45/100.
Outlets measured: economictimes, mint. See how each one headlined and framed the same story in the source comparison below.
AI Analysis
Sentiment was consistent across outlets (50–55/100), indicating broadly factual reporting rather than editorialising.
Coverage timeline
mint broke this story on 24 Jul, 11:28 am. Other outlets followed.