Do you know you pay these taxes?

Source: ET Wealth: 7 March 2011

 

Gift Tax:

If you receive a gift worth more than 50000 from a friend, you have to pay tax on it. The gift could be shares, jewellery, artifacts or even property. However, gifts received from specified relatives, through inheritance or on marriage, are not taxable.

 

Wealth Tax:

If your net income is more than 30L (covering cash, jewellery, cars, a second property), wealth tax - 1%