Can i gift to my wife what did i get gift through my brother

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2014 can i gift cash to my wife what i did get through my real brother as a gift . My brother gifted me cash and also prepared a gift deed while gifting me cash . now can i gift that cash to my wife through gift deed . ( not through cheque or DD ) ?

i will prepare only a gift deed . Will this be ok ?

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)

02 November 2014 Yes you can give gift to your wife .

what for it used plays vital role in clubbing provision in your case . Any assets purchased / invested in business then income invested by your wife out of your gift shall be clubbed in your hand.(this shall be taken care off)

and

Gift deed shall be the valid document .

Querist : Anonymous

Querist : Anonymous (Querist)

02 November 2014 respected sir , if it will club with my income then i dont want to gift her instead of should i give her that amount as a interest free loan ? is it possible ? if yes then if she invest that amount some where then will it club with my income ?

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)

02 November 2014 Yes you can do like so.

Better to charge some interest to prove the genuineness of transaction .

If you provide it as interest free loan no issue if you are in position prove the genuineness .

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