Not so kind anymore!
Till now under Indian tax laws, only a cash gift received from non-relative was taxable–if the amount exceeded INR 50, 000. Therefore where the gift was in ‘kind’ e.g. gifts of shares, of land, of house, of units/ mutual funds, jewellery, etc. were not liable to any income tax at all. Not any more!
Effective 1st October 2009, the amended Income Tax Act, 1961 (ITA) makes the recipient liable to taxation for gifts in ‘kind’ received from non-relatives, if its value exceeds INR 50,000.
Well who said the Tax authorities were kind, anywaysJ!
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