Gift Tax Exemption 2024 India. For example, if your parents send rs.10 lakh to your bank account as a wedding gift, it will not be taxable. Complete insights into the rules, exemptions, and strategic considerations for managing nri gift tax in india effectively.
Although gift tax act has been abolished, however there are certain provisions in the income tax act, which make the gift taxable in the hands of the. The exemption includes movable and immovable.