Treatment of gift
This query is : Resolved
22 April 2015
Sir,
i want to gift rs 1.00 L by way of cheque to my wife (housewife).
1.how to treat in my return will i get complete exemption of rs 1.00
2. is this taxable in the hands of my wife if she invested in bank fd
2.is she need to show source of income in her return.
Regards
Giridhar
i want to gift rs 1.00 L by way of cheque to my wife (housewife).
1.how to treat in my return will i get complete exemption of rs 1.00
2. is this taxable in the hands of my wife if she invested in bank fd
2.is she need to show source of income in her return.
Regards
Giridhar
22 April 2015
If u gifted ur wife then its her income n not urs. And Tax is chargeable on income.
But gift from relatives r fully exempted from Tax, hence its not taxable in ur wife's hands too.
The Gift is not taxable, but the Interest received on FD is taxable(TDS will b deducted by Bank).
She can simply show it as Gift received in her Return.
But gift from relatives r fully exempted from Tax, hence its not taxable in ur wife's hands too.
The Gift is not taxable, but the Interest received on FD is taxable(TDS will b deducted by Bank).
She can simply show it as Gift received in her Return.
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