Gift tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 May 2015
can wife given gift by cheque or cash to husband & how much ? & it's tax free from i.t.
CA R SEETHARAMAN
(Expert)
12 May 2015
Yes it is tax free, no limit but the income earned out of gifted amount by husband will be clubbed with the income of wife.
12 May 2015
since both are covered under definition of relatives not taxable.
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