Gift Tax Rules 2024. The finance act sections 1 to 99 (page 1 to 54) amends income tax act, section 158 (page. The federal gift tax exclusion is a powerful tool for those looking to gift substantial amounts without incurring taxes.

For 2024, the annual gift tax limit is $18,000. 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.