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Gift from wife

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(Querist)
04 January 2012 Dear Experts,

can wife to be give cash gift to husband, whether it is taxable from income tax purview or Exempted ? Kindly suggest me.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
04 January 2012 Gift from wife to husband or vice versa is exempt from Income Tax.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi)
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anurag

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anurag (Expert)
04 January 2012 Yes , it is absolutely exempted.
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