New Delhi, Nov. 8 -- Today, as everyone celebrates Diwali across the nation, it is a festival that often offers an opportunity to exchange gifts, cash, vouchers, and other valuable items as tokens of appreciation and affection for near and dear ones. Still, receiving expensive gifts from friends, family, or employers may have different income tax implications.

That is why, if you are someone who is planning to gift your near and dear ones or friends, or if your employer has gifted you with valuables, it becomes indispensable for you to clearly understand the tax implications of the gifts, because having clarity on this can help you plan your finances better and ensure that the celebrations of the festival of light brighten up the lives o...