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Gift Tax

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(Querist)
09 October 2010 My name is Shariq Zafar from Kanpur, India. I am business man. My average income is 12.00 Lac per annum.

My first question is Can I give any amount as gift by account payee cheque to my wife who is just a house wife? whether there is there any need to make any gift deed on stamp paper or not. Same as my children also.

Pls also tell me the limit of gift.
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venkatraman shrinivas

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venkatraman shrinivas (Expert)
10 October 2010 Mr.Shariq,

You can make a gift to your wife in any manner and th gift need not be registered (HIBA). There is no limit. However, if the assessin Officer requires proof of source from which the gift was made, you should be in a position to clarify. Also, please be advised that if any income is generated from the investment made by your wife or children (if they are minors), such income will be clubbed in you hands under section 64
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