GIFT TO WIFE BY CASH
This query is : Resolved
26 February 2021
DEAR SIR / MADAM
ANY ONE PLEASE SUGGEST
MY CLIENT IS RUNNING A BUSINESS HE IS A INCOME TAX PAYER, AND HIS WIFE ALSO A INCOME TAX PAYER. HIS WIFE STARTED A NEW BUSINESS. FOR THAT PURPOSE HIS HUSBAND GIVEN A GIFT TO HIS WIFE BY CASH TO START A BUINESS BOTH ARE SHOWN IN THERE BOOKS HE HAS GIVEN GIFT BY 10 LACK BY CASH CAN IT ATTRACT TAX OR NOT WHAT IS THE LIMIT OF GIFT TO WIFE BY CASH ? PL SUGGEST SIR
ANY ONE PLEASE SUGGEST
MY CLIENT IS RUNNING A BUSINESS HE IS A INCOME TAX PAYER, AND HIS WIFE ALSO A INCOME TAX PAYER. HIS WIFE STARTED A NEW BUSINESS. FOR THAT PURPOSE HIS HUSBAND GIVEN A GIFT TO HIS WIFE BY CASH TO START A BUINESS BOTH ARE SHOWN IN THERE BOOKS HE HAS GIVEN GIFT BY 10 LACK BY CASH CAN IT ATTRACT TAX OR NOT WHAT IS THE LIMIT OF GIFT TO WIFE BY CASH ? PL SUGGEST SIR
27 February 2021
The limit of cash gift is 1.99 lacs. Gift exceeding the limit attract equal amount of penalty under section 269ST.
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