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How much is income tax on gifts?

If you receive money as a gift from someone, is it taxable, let's understand 2 simple rules in the next 30 seconds.

If you receive money as a gift from 10 specific relatives, its totally tax free. Those 10 relations are -

husband/wife
/mother/father/
son/daughter/
brother/sister
/brother in law/sister in law, than there is no tax irrespective of the amount.

Pls note this does not include your mother in law or father in law.

From all other relatives or your friends up to 50,000 rs received as gift is income tax free but if it’s more than 50,000 you will have to pay income tax on the entire amount. So if you receive 60,000 from a relative you will have to pay income tax on entire 60,000

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