GIFT FROM WIFE

Is gift received from wife taxable or exempt ?
Replies (6)
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.

Gift received from wife is exempt .
Under which section ?
Section 56(2) of the Income tax Act
It's better to prepare Gift deed with proper documentation .
It is exempt as the same within the ambit of section 56(2) of the income tax act 1961
No it is exempt

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