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Gift tax

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Querist : Anonymous

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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.
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CA R SEETHARAMAN

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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.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
12 May 2015 since both are covered under definition of relatives not taxable.
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