Gift Tax Limit 2024. For 2024, the annual gift tax limit is $18,000. The 2024 union budget has brought in several notable changes that will impact how nris are taxed in india.
For 2024, the lifetime exclusion is $13,610,000 for individuals and $27,220,000 for married couples. It is essential to comprehend the rules of gift tax, exemption rules, and how the entire mechanism works in india because the gift tax falls under the taxation system, directly affecting recipients’ taxable income.