2024 Gift Tax Limit In India. If you fail to file the gift tax return, you'll be assessed a gift tax penalty of 5 percent per month of the tax due, up to a limit of 25 percent. Permissibility of gifts received by an nri under fema.
Gift tax is applicable when the value of the gift exceeds rs. The budget expectations are high with wishlist from each sectors, and expectations for salaried taxpayers of substantial income tax relief with changes in the new income tax regime, standard deduction, and incentivising ease of living.india, which is.