Are Gifts That Arrive Before Christmas 2024 Tax Deductible. The income tax act states that gifts whose value exceeds rs.50,000 are subject to gift tax in the hands of the recipient. 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 recipient.

Learn about the options available to taxpayers and make informed. The annual gift tax exclusion will rise to $19,000 per recipient, up $1,000.