Tax Free Gift Amount For 2024 Schrikkeljaar. If the aggregate value of gifts exceeds inr 5,000, the entire value is considered taxable. The indian government introduced the tax on gifts in april 1958, and the gift tax act regulates it.
To figure out how much tax you owe, you need to declare the value of the gift when you file your income tax return under the “income from other sources” section. Tax rate would be based on regular tax slabs applicable for your income.