I am chirag Mistry from ahmedabad, I have one question regarding Gift,
I have cash received Rs. 100000 from my wife as a gift. Is it taxable or not ?
Chirag Mistry
akanksha
(student)
(183 Points)
Replied 30 January 2017
Gift from relative is not taxable under 56(2)(vii) of the IT Act, spouse is covered under defination of relative.
gunturboy26
(Self Employed)
(217 Points)
Replied 08 February 2017
Gift is not taxed, but if you invest the amount and get interest, that interest will be added to your income and will be taxed.
CAclubindia
