Jobye Germaine

2024 Gift Tax Exemption Limit. What is the limit of a cash gift? Gift tax exemption is also available from gifts received from relatives, which include parents, siblings, lineal descendants, spouse, their siblings, and lineal.

Any gift received from a relative as defined under the income tax act is not taxable in the hands of the recipient, irrespective of the amount received, in other words, there. What is the limit of a cash gift?