Gift Tax 2024 Exemption In India. As per the provisions of section 56 (2) of the income tax act, 1961, any gifts (in cash or kind) received by an individual or huf (hindu undivided family) over rs. Though gift tax is applicable on gifts whose value exceeds rs.50,000, the gift is exempted from tax if it was given by a relative.
Income tax on gift received by an individual or huf is governed by provisions of section 56 (2) (x) of the income tax act. 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.
Gift Tax 2024 Exemption In India Images References :