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GIFT TO WIFE BY CASH

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(Querist)
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
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
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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