What Is The Gift Tax Limit For 2024 And 2024. Tax on gifts in india. In addition, gifts from certain relatives such as parents, spouse and siblings are also exempt from tax.
For the year 2024, the irs sets specific limits on the amount that can be given to any number of individuals without incurring a gift tax or even needing to file a gift tax return. The gift tax is intended to discourage large gifts that could potentially be used to avoid estate taxes.