Gift to wife taxable or not in income tax

Any sum of money received without consideration (i.e. gift) in excess of Rs 50,000 in a year by an individual or HUF is liable to income tax under section 56(2)(vii) of the Income Tax Act. However, exemption is given on gifts received from relatives, including spouse.

As such, the monetary gift received by you from  husband is not taxable i Further, any taxable income in respect of investment out of such gift will be clubbed in the hands of husband under Section 64(1)(iv) of the Income Tax Act,1961

Gift from near relatives are not taxable in the hands of the receiver.

However any income derived from such gift would be taxable in the hands of the spouse.

YES IT IS TAXABLE AS PER SEC 64.

As per my understanding, the gift received from spouse of the individual is not taxable.

In my view Mr.Praveenji is correct