Gift 2024 Limit. In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability. Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient (up from $17,000 in 2023).

Any gift received from a relative as defined under the income tax act is not taxable in the hands of the recipient, irrespective of the amount received, in other words, there. Double if married), to as many people as you wish without being required to.