1. Can a husband gives 2 lakhs or more as gift to his wife by cash?
2. If he can then will it be attract any penalty such as 269ST or 269SS etc
Please explain...
Section 269ST, any person who enters into a transaction of Rs 2 Lakh or above in cash, will be liable to a penalty of an amount equivalent to the amount of transaction.
It is not applicable if a person receives the amount through an Account Payee Cheque or an Account Payee Bank Draft or through use of electronic clearing system through a bank account like :- UPI, E-Wallet etc.
hence a husband gives gift to his wife rs.200000 or more, than it is liable for penalty, whether gift is exempt in hands of wife.
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