New Delhi, Dec. 8 -- Gifting is a good way to express love and affection to your friends, relatives and well-wishers. But the receiver of such gifts should be mindful of how such rewards are taxed in their hands.

While gifts from relatives are not taxed, any gift exceeding Rs.50000 in value from non-relatives is added to your income and taxed according to your existing IT (Income Tax) slab.

Incidentally, gifts received during marriage are fully exempt from taxes, irrespective of the person from whom you get them. Here is a guide on how gifts are taxed.

Monetary gift received by an 'Individual' or HUF (Hindu Undivided Family) will not be taxed in the following cases.

Relative for this purpose means: In case of an 'Individual'

"Gift re...