Cash transcation between husband & wife
Querist : Anonymous
KINDLY QUOTE THE RELEVANT SECTION ALSO.
Querist : Anonymous
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
Same holds good for your query
but gift will give by the husband to his wife w/o any limit.
Querist : Anonymous
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