When an individual receives a gift in relation to employment, business, investment, or otherwise, the following tax treatment applies:

1. Income Inclusion: The gift is added to the individual’s income and is taxed accordingly.
3. Tax Rate for Gifts: The individual may elect for the gift to be taxed separately. In such a case, the gift will be taxed at the rate of 15% on the total value of taxable gifts received by the person within a year of assessment.
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