Heida Kristan

Gift Tax 2024 Limit In India. The parliament of india introduced the gift tax act in 1958, and gift tax is essentially the tax charged on the receipt of gifts. If the gift amount exceeds ₹50,000, the entire amount becomes taxable for the recipient under the income category income from other sources.

Gifts of immovable property abroad are not taxable. It was reintroduced after six years under section 56 (2) (v) of the income tax act, 1961 for taxing recipients of the gifts.