gifting

Gifting in Today’s World – How to Avoid Becoming a Victim of Pyramid Scams

Giving a gift has been a tradition among all cultures and religions. In today’s hectic world, it has become difficult for people to find the time to go out and buy themselves something for their selves. So, they prefer to buy things online. And when you choose to buy your gift online, there are certain things that you have to keep in mind before you place an order.

 

A gift

or any gift is an object given to somebody without expecting anything in return or recompense. An object is neither a gift nor a means to be exchanged when that object already belongs to the one to whom it’s given. Although gifting may involve some expectation of recompense, generally a gift is intended to be free from any kind of expectation. But when you opt to buy your gifts online, there are certain things that you need to keep in mind before you agree with any online store.

 

When you enter into an agreement

to buy any gift at a store, you must make sure that you are aware of the tax rules regarding gifting. Most of us have a notion that gifting is totally above the tax laws and so we do not pay the appropriate amount of taxes when we give gifts to our loved ones on different occasions. Some of us even think that gifting tax applies only to those gifts which are purchased on the internet and so we fail to pay the necessary amount of tax at the time of purchasing the gift.

 

In the present scenario,

when the gifting schemes are proliferating and people are buying items for their near and dear ones regularly, the entire concept of gifting has been changed. Gone are the days when a person could go and buy any object without any thinking or deeper concern. Today gifting has become a much matured and deeper concept and people go for it when they are not aware of the exact purpose behind gifting the things.

 

The second thing

What you need to keep in mind is to analyze your situation and know whether you would like to gift tax-free gifts or not. There are certain situations when a person has to gift tax-free items like charities and charitable donations. This kind of gifting is completely tax-free and is preferred only when the intention is to help the charity. There are many kinds of charities and one of them is the Red Cross. There are several other large-scale charities that you might want to consider gifting something to.

 

The present situation

has seen a major change in gifting as people are not very keen on giving large sums of money as a charitable donation. This is because of two reasons. One is that most people have now become very affluent and so gifting a large amount of money as a charitable donation seems out of place. Secondly, most of the people who donate large sums of money do so through the help of organizations and gifting circles. The idea of gifting is lost in this case.

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