Gift Tax 2024 Exclusion. Complying with the annual gift tax limit can save you time and money when you are giving to family, friends and others. โ individuals looking to make lifetime gifts should consider fully utilizing their annual gift tax exclusion, and individuals who are projected to be above the federal estate tax exemption, should consider utilizing their lifetime gift tax exclusion before it is too late.
Let us know more about gifts and income tax applicable on gifts in india. The top tax rate applicable to estates and living gifts will be subject to a maximum tax rate of 40%.