Gift Tax Exemption 2024 India. However, if any gift received from a person other than a relative exceeds the value of rs.50,000 in a year, then the entire amount received as a gift is taxable. Till 1 st october, 1998, all gifts (including gifts to relatives), barring few exceptions, were chargeable to gift tax in the hands of the donor under gift tax act.
Whether itโs movable or immovable property, understanding the regulations surrounding gift deeds, tax exemptions, capital gains, stamp duty, and registration. Confused about the gift tax in india?