We explore the unconventional wave scattering properties of non-Hermitian systems in which amplification or damping are induced by time-periodic modulation. These non-Hermitian time-Floquet systems are capable of nonreciprocal operations in the frequency domain, which can be exploited to induce novel physical phenomena such as unidirectional wave amplification and perfect nonreciprocal response with zero or even negative insertion losses. This unique behavior is obtained by imparting a specific low-frequency time-periodic modulation to the complex coupling between lossless resonators, promoting only upward frequency conversion, and leading to nonreciprocal parametric gain. We provide a full-wave demonstration of our findings in a one-way microwave amplifier, and establish the potential of non-Hermitian time-Floquet devices for insertion-loss free microwave isolation and unidirectional parametric amplification.