Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 February 2015 RESPECTED EXPERTS,
PLEASE REPLY:
1)MY CLIENT WANT TO GIVE HER HUSBAND A GIFT OF RS. 5 LAKHS IN CASH. IS IT POSSIBLE TO DEAL IN CASH OR MANDATORY TO GIVE GIFT BY CHEQUE.
2) CASH GIFT IS ALLOWABLE UPTO HOW MUCH AMOUNT.
3) IS IT TAXABLE OR NON-TAXABLE IN THE HAND OF HUSBAND.

THANK YOU

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)
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25 February 2015 As per Section 56 any gift made between relatives whether in cash or kind is exempt from tax. In the given case given the entire amount of Rs. 5 lakhs would be exempt from tax and there would be no tax implications in the hands of either the husband/wife.

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)
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25 February 2015 As per Section 56 any gift made between relatives whether in cash or kind is exempt from tax. In the case given the entire amount of Rs. 5 lakhs would be exempt from tax and there would be no tax implications in the hands of either the husband/wife.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 February 2015 1. can be given by cash and is exempted for relatives.

2.no limit as both coevered in definition of relatives

3.non taxable

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2015 THANK YOU FOR YOUR PROMPT REPLY TO ALL LD EXPERTS.
IT MEANS CASH CAN BE TAKEN. ONES AGAIN THANK YOU VERY MUCH ALL OF YOU.

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