Gift Tax 2024 Rate. In general, the gift tax and estate tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax. Tax guide 2024 2024 estate and gift tax rates the top tax rate applicable to estates and living gifts will be subject to a maximum tax rate of 40%.
It is typically paid by the giver, not the recipient. 50,000 per annum are exempt from tax in india.