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Can a wife give cash gift to husband ? will this be taxable for husband?

ishan (Consultant) (23 Points)

06 December 2019

Can a wife give cash gift to husband? will the cash gift be taxable for husband? what documents are required to prove that wife gave cash gift to husband? The husband deposited the cash into bank several times during the year.

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8 Replies

Hemangi Bhuva (92 Points)
Replied 06 December 2019

Gift can not consider for tax by any way of cash or kind.

2 Like

milan rakholiya (19 Points)
Replied 06 December 2019

According section 56 gift shall be taxable if cash exceeding rs.50000.i

2 Like

Kapadia Pravin (17249 Points)
Replied 07 December 2019

Wife can give cash gift to husband upto 2 lakhs (in cash). Beyond that 269ST is attracted.

Remember following -

a) The onus is on husband and wife to prove the source of cash money from where your wife got cash money. Gift between relatives are exempt.

b) Any income arising from this gift money will be deemed as income of wife life time and such income will be taxable in the return of wife.

Nihal Soni (34 Points)
Replied 14 December 2019

Gift from relative is exempt from tax

1 Like

Hemangi Bhuva (92 Points)
Replied 18 December 2019

Spause covered the definition of relative
as per sec 56(2)(x) any some of money or value of property receved by relative non applicability of tax.

Alej Lalana (2 Points)
Replied 09 April 2020

Originally posted by : Navy Bear
	Some problems and questions can appear from the bank if the sum is really a huge one. However, if you and your husband will explain shortly where this money came from when further questions won’t be. I gave the sum of 20000 euros in gift baskets to my husband last year. The bank discovered that he isn’t employed and asked him to come for a short conversation. The asked some banal questions about the origin of such an amount of money in a bank account of an unemployed man. He explained shortly, then in a week the bank called me to ask if the information provided by him is true or false. All in all, if you both will keep calm and be in touch with the bank, then the situation won’t get worse.