2024 Gift Tax Exemption Amount In India. New rule (12.5% on gains above rs 1.25 lakh): However, if any gift received from a person other than a relative exceeds the value of rs.50,000 in a year, then the entire amount received as a gift is taxable.

The captioned appeal is filed by the department challenging the order under section 250 of the income tax act, 1961 (in short “the act”), passed by the. Till 1 st october, 1998, all gifts (including gifts to relatives), barring few exceptions, were chargeable to gift tax in the hands of the donor under gift tax act.