Gift from wife
This query is : Resolved
harish n p c
(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.
can wife to be give cash gift to husband, whether it is taxable from income tax purview or Exempted ? Kindly suggest me.
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)
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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