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

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

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

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.

Gift from relative is exempt from tax

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.

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.

Why didn’t anyone tell me about this some months ago?!

 

the gift is given to husband .husband invests in FD.whether the interest is clubbed as income for husband or wife

since spouse comes under the definition of relative and gift from relative is exempt from tax.