Gifts from in-laws, siblings, friends, and relatives have been subjected to taxation

Receiving gifts from siblings, friends, or relatives means you're liable to pay income tax on its value, even if the gift is from in-laws. Only gifts from parents, children, or spouses are exempt from taxation. However, regardless of tax payment, it's mandatory to declare such gifts in your income tax return. Any gift from another individual must also be declared at the end of the year, with tax obligations. This new taxation on gifts was highlighted in the review of the latest budget bill and echoed in the financial analysis of 2024 by SMAC Advisory Services Limited. The matter was discussed at a meeting in the capital, attended by senior officers from various organizations.