Cash transcation between husband & wife

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Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2014 WHETHER HUSBAND CAN GIVE CASH MONEY OF TEN LAC TO HIS WIFE ?
KINDLY QUOTE THE RELEVANT SECTION ALSO.

Querist : Anonymous

Querist : Anonymous (Querist)

19 June 2014 PLS DO REPLY.............................

CA. Nage Gowda

CA. Nage Gowda (Expert)
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19 June 2014
As per section 56(2)(v) any sum received by the Individual from his/her "relative" is not chargeable to tax without any limit in quantum.

As per explanation to aforesaid section the term "relative" includes the spouse (husband or wife) of the Individual.

Therefore any amount can be given/received from the spouse without being taxed.

However it is to be noted that any income arising to the spouse out of the investment if any made from the aforesaid sum shall be clubbed u/s 64(1)(iv)in the hands of the husband who gifted it.

Querist : Anonymous

Querist : Anonymous (Querist)

19 June 2014 Sir my query is about cash given from husband to wife

CA. Nage Gowda

CA. Nage Gowda (Expert)
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19 June 2014
Same holds good for your query

Rupesh Jain

Rupesh Jain (Expert)
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19 June 2014 any individual can give any advance or loan to any one in cash up to rs. 20000/- in a year. if make payment exceeds rs. 20000/- then he/she make overview the section 269SS & 269TT.

but gift will give by the husband to his wife w/o any limit.

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Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2014 thanks sir.............................