Tax Free Gift Amount For 2024 Calendar. This amount is the maximum you can give a single person without having to report it to the irs. Cash or gifts received upto rs.50,000 during a financial year are exempt from tax;
To figure out how much tax you owe when you receive a gift, the income tax act has guidelines for calculating the taxable value of gifts. If the aggregate value of gifts exceeds inr 5,000, the entire value is considered taxable.