Introduction Gifts, by definition, are items given voluntarily without any expectation of monetary compensation or reciprocation. They play a significant role in various aspects of life, including personal relationships, social interactions, and business dealings. However, when it comes to taxation, the classification of gifts as non-taxable items is not universally applicable. This essay aims to provide an in-depth analysis of gifts in the context of taxable and non-taxable items, considering different jurisdictions, types of gifts, and potential implications. Classification of Gifts in Taxation The taxability of gifts depends on the jurisdiction and the type of gift involved. In general, most countries have specific tax laws governing the taxation of gifts. These laws may classify gifts as either taxable or non-taxable items based on various factors, such as the relationship between the giver and the receiver, the nature of the gift, and the purpose behind the gift. 1. Non-Taxable Gi...