Gift Tax 2024 Limit. The headline tax rate for foreign companies is proposed to be reduced from 40% to 35% (plus applicable surcharge and cess). The income tax act states that gifts whose value exceeds rs.50,000 are subject to gift tax in the hands of the recipient.

1 for 2024, the limit has been adjusted for inflation and will rise to $18,000. The gift tax limit (or annual gift tax exclusion) for 2023 is $17,000 per recipient.