2024 Gift Exclusion

2024 Gift Exclusion. The income tax act states that gifts whose value exceeds rs.50,000 are subject to gift tax in the hands of the recipient. In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability.

For many clients, full use of the. The gift tax annual exclusion allows taxpayers to make certain gifts without eroding the taxpayer’s lifetime.