Gift Tax 2024 Exemption List. For example, a man could give $18,000 to. 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).

This article provides list of relatives covered section 56 (2) (vii) of the income tax act,1961. The gift tax rate currently ranges up to 40%, with anything gifted over the lifetime exclusion limit being taxed at 40%.