2024 Gift Exclusion Amount In India. Get current insights on annual gift exclusion and exemptions. Updated per latest union budget 2024.
In india, certain gifts are taxable under specific circumstances, and understanding these rules is essential to avoid unexpected tax liabilities. If an individual gifts an amount that is above the annual gift tax exclusion, a portion of the individualโs lifetime gift tax exemption ($13.61 million in 2024) will be used.