What Is The Irs Gift Limit For 2024. Explore the increased irs gift and estate limits for 2024. In 2024, you can give gifts of up to $18,000 to as many people as you want without any tax or reporting requirements.

The income tax act states that gifts whose value exceeds rs.50,000 are subject to gift tax in the hands of the recipient. There’s no limit on the number of individual.