Personal Finance Received Diwali gifts? Find out if it is taxable Updated : October 31, 2020 11:15 AM IST Exchanging gifts on the occasion of Diwali is a part of Indian tradition. While presents are considered a token of love, individuals should know that all kinds of gifts including cash, gold, real estate, paintings, or any other valuable item are taxable. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.