can i gift cash to my wife what i did get through my real brother as a gift . My brother gifted me cash and also prepared a gift deed while gifting me cash . now can i gift that cash to my wife through gift deed . ( not through cheque or DD ) ?
i will prepare only a gift deed . Will this be ok ?
There is no restriction on giving cash as gift.Only thing is you must be able to establish evidence that you have actually gifted the money.So prepare a gift deed and take her acknowledgement on the gift deed.And also you can gift the amount received from your brother as there is blood relation
But any income earns by that cash gift by your wife, that will be taxable in your hand as per clubbing provision.
CAclubindia
