2024 Gift Tax Exclusion. 11 rows the income tax act states that gifts whose value exceeds rs.50,000 are subject to gift tax in the hands of the recipient. 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.
The annual gift tax exclusion level will increase from $17,000 per person in 2023 to $18,000 per person in 2024, in tandem with the significant adjustments in the. 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.