Gift Tax Amount For 2024 Game. The first major rule which every person should know is that there is no tax to be paid on giftsreceived (cash or kind), if the amount of the gift is upto rs 50,000 in a year. Notably, in 2025, this amount will increase to $19,000 per recipient.
For 2024, the annual gift tax limit is $18,000. To figure out how much tax you owe when you receive a gift, the income tax act has guidelines for calculating the taxable value of gifts.
