Gift Tax 2024 Limits In India. Under section 56 (2) of the income tax act, the recipient is liable to be taxed for gifts of movable property, such as shares, etfs, mutual funds, jewellery, drawings, etc., without. Under the erstwhile gift tax act, any gift exceeding a value of rs 50,000 was taxable at a rate of 30%.
Under current tax laws, not all gifts received in india are subject to tax. Gifts are taxed in india under the income tax act, as there is no separate gift tax in india since the abolishment of gift tax act of 1958 in 1998.