2024 Gift Tax Exemptions In India.  — gifts from parents to their children are exempt from tax under indian income tax law, as they are classified as gifts from “specified relatives.”.  — income above rs 10 lakh is taxed at 30%, with a base amount of rs 1,12,500.

 — updated per latest union budget 2024.  — gifts from parents to their children are exempt from tax under indian income tax law, as they are classified as gifts from “specified relatives.”.