2024 Gift Allowance. (that’s up $1,000 from last year’s limit since the gift tax is one of many tax amounts adjusted annually for inflation.) for married couples, the. 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,.

Starting on january 1, 2024, the annual exclusion on gifts will be $18,000 per recipient (up from $17,000 in 2023). 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).