Gift Tax Rates 2024. Gift tax under the income tax act is a direct tax and if the value of gifts exceeds rs.50,000, then gifts are taxable at normal slab rates. Are you considering giving cash or property to loved ones or others in 2024?

The annual gift tax exclusion amount has been adjusted to $18,000 per recipient for 2024. In australia, gifts and inheritances are generally not considered as income and don’t require you to pay any australian taxes.