Gift Tax 2024 Exemptions In India. With these tax exemptions, indian enterprises can expand internationally while potentially lowering their domestic tax obligations too. In 2023, if a couple has one child, they could each gift up to $17,000 to the same child which would be a total gift to the child of $34,000 in 2023 without reporting the gift to the irs.

You need to pay taxes on gifts which exceed the limits set by the government. Monetary gift or money received in the form of cash, cheque,.