whether gift ( amount transferred to her bank account ) given to wife is taxable or not.The source of income is sale of Residential building.Thanks in advance
24 April 2017
Gift to wife is not taxable in the hands of wife but if the wife generates any income out of gifted money from husband such as making a FDr out of it, the interest income on FDR shall be clubbed in the hands of husband. Source of income is from sale of residential building to the donor so he will be liable for capital gains on it as per income tax law.
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