GIFT FROM WIFE

02 September 2021

Is gift received from wife taxable or exempt ?

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6 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14912 Points)
Replied 02 September 2021

Gift received from wife is exempt .

Akmal Jameel (35 Points)
Replied 02 September 2021

Under which section ?

prasad Nilugal ( GST Practitioner & Accounts ) (14912 Points)
Replied 02 September 2021

Section 56(2) of the Income tax Act

prasad Nilugal (3924 Points)
Replied 02 September 2021

It's better to prepare Gift deed with proper documentation .

ROCKY JAIN (4 Points)
Replied 02 September 2021

It is exempt as the same within the ambit of section 56(2) of the income tax act 1961

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 02 September 2021

No it is exempt

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