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Diwali gift tax rules 2026: Will gifts worth over 50,000 from friends attract tax on the entire amount? Expert explains

Diwali gifts worth over 50,000 from friends can attract income tax on the entire amount. CA Swati Jain explains the 50,000 annual exemption, tax rules for gifts from relatives and employers, and how recipients can avoid unexpected tax liabilities. Read on to learn more.