Gifts to these relatives are exempt from tax under Section 56(2) of the I-T Act. Types of assets for gifting Cash: While cash gifts are common, use bank transfers for significant amounts.

Learn tax-efficient gifting strategies, including definitions and tips for various cases. Find the basics of gift taxes and estate planning considerations.

Home; Taxes; What is the Gift Tax Exclusion for 2025? Complying with the annual gift tax limit can save you time and money when you are giving to family, friends and others.

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People who accept gift bags at awards shows have to claim the gifts on their federal income tax return. The Oscars 2023 gift bag is valued at $126,000.