2024 Gift Tax Exemption Form. Cash or gifts received upto rs.50,000 during a financial year are exempt from tax; Here’s what you need to know about the federal gift tax and how much you can offer.

Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient (up from $17,000 in 2023). With this fet equivalent, a married couple can give up to $27.22.