Tax Free Cash Gift Limit 2024. Gift tax calculator gives you the taxability of a transaction. The provision, which came into effect on september 1, 2019, stated that tds will be deducted at a rate of 2 per cent on cash withdrawals exceeding rs 1 crore for individuals.

How much money can you gift? Gifts are taxable if they exceed certain limits, and the taxes on gifts depend on the type and value of the gift received.