Maximum Tax Free Gift 2025. Taxpayers typically only pay gift tax on the amounts that exceed the allotted lifetime exclusion, which is $13.61 million in 2024 and $13.99 million in 2025. Married couples may gift up to $38,000 per recipient annually without triggering gift tax or reporting obligations.
One is the annual gift tax exclusion, also known as the gift tax limit, a set dollar. The income tax act, 1961, outlines specific provisions regarding gifts, including exemptions and liabilities, making it crucial to know the rules.