The limit is $15,000 per person for each spouse of a married couple. So a married couple could give a total of $60,000 to another married couple without needing to file a gift tax return. Even if you exceed the limit and are required to file the gift tax return form 709, you will not owe any taxes. All that does is reduce the lifetime exclusion amount to the amount less the amount over the limit. The lifetime exclusion limit for 2020 is $11.58 million per person.
