Gift amount limitation to spouse under income tax

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26 Points Posted on 12 January 2020
what is the minimum and maximum gift amount to spouse without tax liability to both of husband and wife
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On 12 January 2020 at 23:02 Report
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Quick Summary
There is no limit on the amount you can gift to your spouse without immediate tax liability for either party. However, any income generated from the gifted amount will be 'clubbed' and added to the donor spouse's income for tax purposes. This means the donor spouse will be liable for income tax on the earnings from the gift, potentially increasing their overall tax bill.

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5751 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
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On 12 January 2020 at 23:22
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26 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???
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On 12 January 2020 at 23:30
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INCOME TAX OFFICER
911 Points Posted on 12 January 2020
Yes of course it'll be increased
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On 12 January 2020 at 23:32
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"Do the Right Thing...!!!"
77792 Points Posted on 13 January 2020
Yes... I agreed to Mr Ramakrishnan.
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On 13 January 2020 at 06:52
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Partner
6256 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.

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On 16 January 2020 at 16:05
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PRACTICE FROM CHENNAI
200 Points Posted on 16 January 2020

Gifts can be given in cash or in kind like Jewellery 

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On 16 January 2020 at 18:22
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26 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..
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On 16 January 2020 at 19:04
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"Do the Right Thing...!!!"
77792 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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On 16 January 2020 at 19:07

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