2024 Gift Tax Exclusion Amount In India. Complying with the annual gift tax limit can save you time and money when you are giving to family, friends and others. Strategies such as trusts can also help mitigate potential gift taxes.
Gift tax rates range from 18% to 40%. โ taxpayers typically only pay gift tax on the amounts that exceed the allotted lifetime exclusion, which is $13.61 million in 2024.