Gift Tax 2024 Exemption

Gift Tax 2024 Exemption. Although gift tax act has been abolished, however there are certain provisions in the income tax act, which make the gift taxable in the hands of the recipient. As announced by the irs, the key 2024 federal transfer tax exemption amounts per taxpayer are as follows:

The lifetime exemption is the value of gifts you can give to others during your lifetime before you are subjected to gift taxation. For example, a man could.