How Much Can You Gift Tax Free 2024 In India.  — experts say that cash gift up to rs 50,000 from anyone will not have tax implications in normal circumstances.  — the irs recently announced that the annual gift tax exclusion for tax year 2024 will increase to $18,000 for individuals and $36,000 for married couples filing jointly.

Under section 56 (2) of the income tax act, the recipient is liable to be taxed for gifts of movable property, such as shares, etfs, mutual funds, jewellery, drawings, etc., without consideration.  — if your gift fits the above criteria, you and the gift giver don’t pay tax on it.