Gift Limit For 2024. Giving and receiving gifts is an integral part of india’s cultural heritage. The united states government imposes a gift tax on gifts of money and other property that exceed the annual gift tax limit of $18,000 in 2024.
Such gift can be in cash or in kind. On or before april 15 of the calendar year following the year in which a gift is made, the individual making the gift must file a gift tax return ( form 709, united states.