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Gift given

This query is : Resolved 
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(Querist)
16 February 2013 Dear All friends,

If i will be give gift to my wife through amount i.e. draft or cheques. So that will be taxable or not. If any document preparation is necessary like stamp paper or any other.

If taxable, so how much of tax % will be paid to Income Tax Dept.

Please give me reply.

Thanks
Subodh
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jaydip a. limbasiya

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jaydip a. limbasiya (Expert)
16 February 2013 There is go tax in case of gift to wife because wife falls in the definition of relative and gift to the relative is exempted from tax.Also refer the clubbing provision as per section 64(1)(Vii).
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SUBODH

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SUBODH (Querist)
16 February 2013 Thanks Sir
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