Gift Tax 2024 Rate. In general, the gift tax and estate tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax. Updated per latest interim budget 2024.

The parliament of india introduced the gift tax act in 1958, and gift tax is essentially the tax charged on the receipt of gifts. In 2023, you can make annual gifts to any one person up to a maximum of $17,000 per year ($18,000 in 2024, estimated to be $19,000 in 2025).