Can a husband gift to wife in cash under income tax act

yes, a husband gifts cash to his wife but aggregate amount does not exceed Rs.50000/- in any financial year

Originally posted by : ghanshyam kushwah
	yes, a husband gifts cash to his wife but aggregate amount does not exceed Rs. 50000/- in any financial year

1. Mr. khuswah husband can gift to his wife without any limit ...because wife is covereed in the defination of relative u/s 2(41) of IT act 1961....gift to relative is not cover by the provisons of sec 56...limit of of rs. 50000 will be applicable in case of non relative relations.

2. provisons of clubbing of income shall be applicable in this case because as per sec 64 income from cash transfer will be clubbed in the hands of husband not in the hands of wife

Yes husband is covered under the deffination of relative so he can made gift to his wife upto his will

agreee with Mr rana ,gift any amt without any limit, limit is applicable other than relative

yes.. Sec. 56(2)(vii) covers only non relatives gifts, & husband is not covered by such section, since husband is the relative u/s. 2(24) of IT Act. He can give gift of any amount to his relative covered u/s. 2(24) without any limit.

yes mr rana ur statement is correct.

thanks for remembering this

Originally posted by : VISHAL RANA, AMFI,CA,CS FINAL,
	Originally posted by : ghanshyam kushwah yes, a husband gifts cash to his wife but aggregate amount does not exceed50000/- in any financial year   1. Mr. khuswah husband can gift to his wife without any limit ...because wife is covereed in the defination of relative u/s 2(24) of IT act 1961....gift to relative is not cover by the provisons of sec 56...limit of of50000 will be applicable in case of non relative relations.   2. provisons of clubbing of income shall be applicable in this case because as per sec 64 income from cash transfer will be clubbed in the hands of husband not in the hands of wife

One correction to above answer by Vishal- The concept as ans by vishal for Defintion covering husband under the four ambit of the definiton is correct but sec for relative is not sec 2(24) but its explaination to proviso to clause vii of section 56(2).

Sec 2(24) defines income taxable under income tax act,1961.

Originally posted by : ghanshyam kushwah
	yes mr rana ur statement is correct.   thanks for remembering this

mr ghansyam khuswah your welcome...because we can also do such mistake....so no prblem yarrr

Yes, Mr. Rana is correct

Originally posted by : VISHAL RANA, AMFI,CA,CS FINAL,
	Originally posted by : ghanshyam kushwah yes, a husband gifts cash to his wife but aggregate amount does not exceed Rs. 50000/- in any financial year 1. Mr. khuswah husband can gift to his wife without any limit ...because wife is covereed in the defination of relative u/s 2(41) of IT act 1961....gift to relative is not cover by the provisons of sec 56...limit of of Rs. 50000 will be applicable in case of non relative relations.   2. provisons of clubbing of income shall be applicable in this case because as per sec 64 income from cash transfer will be clubbed in the hands of husband not in the hands of wife

1. Mr Rana, you said if cash is given by husband than sec 64 is applicable. I want to know if payment is made by cheque than sec 64 is applicable or not

2. If gift given by one person to other person i.e. relative is exempt under sec 56, than is it compulsary to show details in assessable & ITR 

Gift received from relatives are exepted from tax. (Relative means covered under Income Tax Act, 1961)

I have a similar query. My wife is a proprietor. I gave her Rs. 1 lac from my salary savings for her business use. Should i make it an interest free loan or gift to her.

If it is a loan, then she can use the amount in business and pay back the principle amount. There will be no tax liability.

If its a gift, how will the income produced from this amount be calculated (in order to club with my income).

If i create a gift deed for this tranfer (done online) what wil be the tax implication for both of us? 

Once irrevocably gifted to wife naturally it is her personal property and so it canot be clubbbed with husband income as that gift is legal transfer under  all substantial laws. when so she is the sole rightful owner of the gifted cash and under what imaginatiary rules you can club with husband's income once gifted away?

so if any rules or income tax laws are one every year changes as a revenue generator but certainly not a substantial law any more so IT laws and rules need to biw before substantial laws is it not dear Rana?