Cash Gift Limits 2024. Married couples can each gift $18,000 to the same person, totaling $36,000, up from $34,000 in 2023. 50,000 in a financial year, you do not have to pay any gift tax on it.
โ in 2023, you can make annual gifts to any one person up to a maximum of $17,000 per year ($18,000 in 2024, estimated to be $19,000 in 2025). โ gifts received are tax free as per the specified limits but if any income is generated from it, the same is taxable as per the respective heads of the act.