Tax Free Gifts To Family Members. Taxpayers typically only pay gift tax on the amounts that exceed the allotted lifetime exclusion, which was $12.92 million in 2023 and is $13.61 million in 2024. Any amount of gifts received on this occasion is tax free.

Points to remember for saving tax by gifting. Cash or gifts received upto rs.50,000 during a financial year are exempt from tax;