Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2013
If Rs.250000/- is given by husband to his wife as gift; is it taxable in the hands of wife as per income tax act?
Please let me know this and thanks in advance.
Please let me know this and thanks in advance.
19 July 2013
Gift received from husband is exempt in the hands of Wife. But the income earned on this amount will be clubbed with income of Husband.
So in case wife is making Fixed Deposit of this amount TDS needs to be deposited in husbands PAN since the income will be clubbed with husbands income. Wife will file a declaration with deductor and TDS will be reported in the name of husband.
So in case wife is making Fixed Deposit of this amount TDS needs to be deposited in husbands PAN since the income will be clubbed with husbands income. Wife will file a declaration with deductor and TDS will be reported in the name of husband.
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