Gift amount limitation to spouse under income tax

rama krishnan

12244 Points Posted on 12 January 2020

There's no limit however whatever income generated out of the gifted amount would be clubbed in the hands of husband

Balaji Paskanti

11 Points Posted on 12 January 2020

So if husband income will be clubbed, for e.g. Husband income X amount + Wife's income gained amount Y on gifted funds = XY, so husband's tax liability will be increased right???

RAMAKRISHNAN R

INCOME TAX OFFICER

1736 Points Posted on 12 January 2020

Yes of course it'll be increased

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 13 January 2020

Yes... I agreed to Mr Ramakrishnan.

CA Arun Tiwari

Partner

6665 Points Posted on 16 January 2020

As per the provision of the income Tax , gift to spouse is exempt from tax irrespective of any amount as spouse falls in definition of relative But clubbing provisions will be attracted and income from that gift shall be clubbed in total income of donor.

V K Vijayaraghavan

PRACTICE FROM CHENNAI

240 Points Posted on 16 January 2020

Gifts can be given in cash or in kind like Jewellery

Balaji Paskanti

11 Points Posted on 16 January 2020

One quick question, but income on gifted amount will have tax liability for spouse??? I.e. receiver spouse, need to pay the income taxes while he/she filing the ITR..

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 16 January 2020

No... Tax liability not arise to spouse...

But, Spouse earn income from the gifted amount then the income clubbing/added into husband's income...

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Gift amount limitation to spouse under income tax

Balaji Paskanti

rama krishnan

Balaji Paskanti

RAMAKRISHNAN R

RAJA P M

CA Arun Tiwari

V K Vijayaraghavan

Balaji Paskanti

RAJA P M

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Gift amount limitation to spouse under income tax

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