Tax exemption on cash gift

This query is : Resolved

Vijay (Querist)
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11 March 2014 Hello,

I want to know if there is any provision in IT where I can gift a cash to SPOUSE/KIDS/PARENTS and I can get the exemption on the same.

If there is any such provision, could you please let me know the upper slab and the steps to do the same.

Thanks,
Vijay

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 March 2014 for gifting there is no tax applicable as per sec 56(2).

Vijay

Vijay (Querist)
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11 March 2014 Thanks a lot Tushar.

One last clarification. This means I can gift CASH to my wife under section 56(2).

What is the max amount that gets exempted under this section?

Please advise.

Thanks,
Vijay

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 March 2014 there is no limit for gift to relatives.yes u can gift to wife also.

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