Gift tax
This query is : Resolved
nitesh bansal
(Querist)
03 September 2014
I AM GIFT MY WIFE BULDING 3 LAKH AMOUNT WHAT IS TAXABLE IN MY WIFE A/C AND PLASES EXEMPTED LIMIT
03 September 2014
Dear Nitesh,
Any amount of Gift to 'RELATIVE' is totally tax free, there is no limit.
Wife is covered under the definition of relative as per income tax act.
Any amount of Gift to 'RELATIVE' is totally tax free, there is no limit.
Wife is covered under the definition of relative as per income tax act.
Rupesh Jain
(Expert)
03 September 2014
GIFT TO his relative win wholly exempt form the tax.
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