Clubbing provision

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62 Points Posted on 05 January 2020
husbend give 10 lakhs gift to wife .who pay the tax on 10lakhs .
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On 05 January 2020 at 08:12 Report
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This discussion clarifies the tax implications of a husband gifting £10 lakhs to his wife in the UK. Under Section 56(2) of the Income Tax Act 1961, gifts received from relatives are generally not taxable for the recipient. Therefore, neither the husband nor the wife would need to pay tax on this £10 lakh gift. It is also recommended to prepare a Gift Deed for such transactions.

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GST Practitioner & Accounts
8990 Points Posted on 05 January 2020

Under  section  56(2)  of the Income tax act  1961   ,Gift  received  form relative is not taxable in   hands of  recipient  .Also  prepare  Gift Deed . 

please  confirm  with  others also . 

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On 05 January 2020 at 09:07
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10683 Points Posted on 05 January 2020
Nobody (neither husband nor wife) has to pay any tax on Rs 10 lakhs as it is exempt.
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On 05 January 2020 at 13:21

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