Gift Tax Rates 2024 India. The value of the gift is calculated based on the market value of the asset at the time of the transfer. In 2022, this increases to $16,000.
The first major rule which every person should know is that there is no tax to be paid on giftsreceived (cash or kind), if the amount of the gift is upto rs 50,000 in a year. Gifts up to inr 50,000 in a financial year are exempt.