Complete Exemption
Gifts of money (cash, bank transfer, check) are entirely exempt from tax in Israel – for both the giver and the receiver. There is no limit on the amount, no reporting requirement to the ITA (though large transfers may be flagged by banks under anti-money-laundering regulations), and no distinction based on the relationship between the parties.
Practical Note
While cash gifts are tax-free, they may need to be explained in a capital declaration (Form 150) if they significantly increase the recipient's net worth. The ITA may question unexplained increases in wealth, so keeping records of large gifts (gift deeds, bank transfer confirmations) is advisable.
Important Note: The information on this website is for general informational purposes only and does not constitute professional tax advice. Consult a qualified tax advisor before making financial decisions.