Gift

Dear Rupesh soni

there are two provisions would apply to your question i.e. 56 (2) and 64 (1) (iv)

as per section 56 (2) , these 3 lac is not taxable in the hand of spouse because it is a gift from relative (make sure that gift deed has been prepared)

as per section 64 (1) iv, if your spouse start business by these 3 lac than that income will be taxable in your hand even profit remains in the hands of spouse.

but if she invest 4 lac i.e. 3 lac yours and 1 lac own, than income will be taxable in the proportion of 3:1 

(there is more explanations also but i have given in short for your reference)

same provision would apply as i described before