2024 Gift Tax Exemption Limit. Any gift received from a relative as defined under the income tax act is not taxable in the hands of the recipient, irrespective of the amount received, in other words,. The gift tax annual exclusion allows taxpayers to make certain gifts without eroding the taxpayer’s lifetime.
The united states government imposes a gift tax on gifts of money and other property that exceed the annual gift tax limit of $18,000 in 2024. If you receive gifts exceeding this amount, the entire gift becomes taxable.