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What Is The 2024 Gift Tax Exclusion Amount. Any person cannot receive more than rs.2 lakh as cash gift in india from a person in a day in a single transaction as per the tax law under section 269st. A married couple filing jointly can double this amount and.

For the estate of a decedent dying in 2024, the applicable exclusion for federal estate tax purposes is increased from the 2023 exclusion of $12,920,000 to $13,610,000. You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion.