Menu
Gift amount limitation to spouse under income tax
what is the minimum and maximum gift amount to spouse without tax liability to both of husband and wife
Replies (8)
There's no limit however whatever income generated out of the gifted amount would be clubbed in the hands of husband
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???
Yes of course it'll be increased
Yes... I agreed to Mr Ramakrishnan.
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.
Gifts can be given in cash or in kind like Jewellery
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..
No... Tax liability not arise to spouse...
But, Spouse earn income from the gifted amount then the income clubbing/added into husband's income...
But, Spouse earn income from the gifted amount then the income clubbing/added into husband's income...
Recent Threads
- Income tax act 40 A (3)
- Transmission of deceased's shares in physical form
- Shall I pay GST payment for unkonwnly cancelled in
- Error in GSTR1 filing for October 25
- Inverted Rate structure .
- Exemption to be climed
- GST TDS u/s 51 Applicability on RBI and it's subs
- Time allowed to buy another asset
- ITR not processed for the FY 2024-25
- Gift of money to my wife.
Related Threads
CAclubindia
