2024 Gift Tax Limit In India. Any gift received from a relative as defined under the income tax act is not taxable in the hands of the recipient, irrespective of the amount received, in other words, there. For 2024, the federal annual gift tax exclusion has increased to $18,000 per recipient, up from $17,000 in 2023, without triggering the need to file a gift tax return.
There is no tax on gifts received from relatives in india because the gift tax has been exempt. Gifts in other cases are taxable.
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