Maximum Amount Of Gift Tax Free 2024. This means you can claim a maximum of rs. Under the income tax act, a gift of more than rs 50,000 received from a relative is considered 'income from other sources'.


Maximum Amount Of Gift Tax Free 2024

Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient (up from $17,000 in 2023). The 2024 gift tax limit (also known as the gift tax exclusion) increased to $18,000 this year from $17,000 last year.

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