A ₹5 crore Lamborghini gift, and the gift tax

A friend was reading about #JanhviKapoor receiving a ₹5 Cr #Lamborghini as a gift. He turned to me and asked:
"When are you gifting me one?" 😄
I smiled and said, “Sure! Do you have ₹2 Cr first?”

He blinked. I explained. Welcome to the world of #GiftTax!
🎁 If you receive a gift worth more than ₹50,000 from a non-relative, the entire value is taxable as Income from Other Sources.
📌 The tax is paid by the receiver, not the giver.
👨‍👩‍👧‍👦 Who’s considered a ‘Relative’?
Spouse, Parents / Grandparents, Siblings (your or your spouse’s), Children / Grandchildren.
Sadly, friends are omitted!

🎉 When are gifts tax-free?
- On your wedding
- Through a will or inheritance
- From registered institutions or trusts

My friend sighed and said, “Forget it! I’m happy with my old car… and Indian roads don’t support Lambos anyway.” 😅

So have you ever received a costly gift, and had to pay taxes on it? Or you choose to ignore it! Do share your Gifting story.

And if you want help navigating #taxation, #personalfinance, or #creditcard optimization, feel free to reach out.