Cash Gift
This query is : Resolved
Vivek Goel
(Querist)
21 July 2009
I want to make a gift to my wife whether i can gift it in cash up to which limit and if by cheque up to what limit and what documents are required to make a gift.
Aditya Maheshwari
(Expert)
21 July 2009
Gift to wife is exempt upto any amount. You can make it in cash or cheque (preferable). As such no documents are required but you can give a declaration of gift on a Rs. 100/- stamp paper.
The income earned by your wife on amount of gift received by your wife will be clubbed in your hands as income
The income earned by your wife on amount of gift received by your wife will be clubbed in your hands as income
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