According to the Income Tax Act, 2015 (Act 896), the tax treatment of a gift received is as follows:

• When a person receives a gift in respect of their employment, business, or investment, the gift is added to the person’s income from employment, business, or investment and taxed at the appropriate income tax rate.
• However, where an individual receives a gift other than a gift received in respect of business or employment, the individual may elect to pay tax at the rate of 25%.