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Taxable

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 July 2012 Dear Sir/Madam,
I want to know,whether gift payable by any individual to his/her spouse is taxable or exempted?

If yes,is there any limit prescribed for that?

Thanks
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
12 July 2012 1. Gift by an individual to his wife is exempt in the hands of the individual as well as the wife.

2. However, Section 64 is attracted and clubbing provisions shall apply.
Accordingly, the income earned by the wife from such gift shall be included in the income of the individual.
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