Gift Tax 2024 Limit 2024. Any person cannot receive more than rs.2 lakh as cash gift in india from a person in a day in a single transaction as per the tax law under. In addition, gifts from certain relatives such as parents, spouse and siblings are also exempt from tax.

Income tax regulations also dictate the limit on cash gifts that can be given without incurring taxation. In addition, gifts from certain relatives such as parents, spouse and siblings are also exempt from tax.