banner_ad

Gift

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
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
Profile Image

Vishakha Kejriwal.

Profile Image

Vishakha Kejriwal. (Expert)
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.
Profile Image

Vishakha Kejriwal.

Profile Image

Vishakha Kejriwal. (Expert)
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.
Profile Image

CS,CA F,Numrologi TusharSampat

Profile Image

CS,CA F,Numrologi TusharSampat (Expert)
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
Avatar

Querist : Anonymous

Profile Image
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details