Gift Amount is Taxable

gift from spouse is not taxable, 

as the amount is big and u have done cash transaction, which is suspious in eyes of IT department, 

Make her returns and documents ready with source of this amount, whether tax paid or not, coz this may arise in due course, 

thanks sir,  

agreed

gift from spouse is not taxable

1. Check from the bank statement & previous ITR of your spouse that whether she has sufficient cash.

2. Show the gift amt. in your ITR

3. Any income earned from this amt will be included in the income of spouse.

I will recommend you not to show such huge cash gift transaction from your spouse as  it appears bogus transaction.  

not taxable,.... agree with mr u s sharma

agreed with all.......

sir can u tell me why is it not taxable whether above 50000 rs gift is fully taxable

gift recd cash or cheque above than Rs.50000/- recd from non relatives will be taxable.

this is a good topic.............

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gandhi

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