Lifetime Gift Tax Exclusion 2024 India

Lifetime Gift Tax Exclusion 2024 India. Although gift tax act has been abolished, however there are certain provisions in the income tax act, which make the gift taxable in the hands of the recipient. 11 rows the income tax act states that gifts whose value exceeds.

Married couples can each gift $18,000 to the same person, totaling $36,000, up from $34,000 in 2023. For 2024, the lifetime exemption is $13.61 million.