GIFT FROM WIFE

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35 Points Posted on 02 September 2021
Is gift received from wife taxable or exempt ?
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On 02 September 2021 at 16:17 Report
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Quick Summary
Gifts received from your wife are generally exempt from income tax in the UK. This exemption falls under Section 56(2) of the Income Tax Act 1961. To ensure clarity and compliance, it's advisable to prepare a gift deed with proper documentation for any such transfers.

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GST Practitioner & Accounts
15146 Points Posted on 02 September 2021
Gift received from wife is exempt .
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On 02 September 2021 at 16:35
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35 Points Posted on 02 September 2021
Under which section ?
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On 02 September 2021 at 16:37
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GST Practitioner & Accounts
15146 Points Posted on 02 September 2021
Section 56(2) of the Income tax Act
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On 02 September 2021 at 16:51
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3924 Points Posted on 02 September 2021
It's better to prepare Gift deed with proper documentation .
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On 02 September 2021 at 17:07
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4 Points Posted on 02 September 2021
It is exempt as the same within the ambit of section 56(2) of the income tax act 1961
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On 02 September 2021 at 17:11
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Chartered Accountant
24588 Points Posted on 02 September 2021
No it is exempt
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On 02 September 2021 at 19:23

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