New Delhi, July 12 -- You may receive money, shares or property as a gift from family or friends and it may seem like a 'free lunch' at first, until the tax rules say otherwise. Not every gift you receive is tax-free, and not every gift is taxable either.

The tax treatment depends on who gave you the gift, its value, the occasion on which you received it, and even what you do with it later, such as selling it.

Gifts received from the following specified relatives are fully exempt from tax, regardless of their value:

In some cases, gifts received on specified occasions are also not taxable, irrespective of from whom the gift is received. These include:

Additionally, money or assets received in form of gifts are not taxable if its recei...