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It is common in India to gift gold and silver. They can be sold(most jewelers will take it for cash value) and it is something that would go up in value. This
by jelliclesfarm 4y ago
It is common in India to gift gold and silver. They can be sold(most jewelers will take it for cash value) and it is something that would go up in value.
This year, cryptocurrency and NFTs are also making news as Diwali gifts.
Cryptocurrencies and NFTs shall be taxable in the hands of the recipient under Section 56 (2) of the Income-tax Act, 1961 if total value exceeds Rs.50,000 for the year.
- farseer 4y agoIf someone gifts me bitcoin, sure! However getting an NFT would be an insult no?
- jelliclesfarm 4y agoYou will still be taxed. How does that make you feel?
- andirk 4y agoI hear you but doesn't that simply mean you're not a collector of limited items? It's like baseball cards. With apes on them.