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Gift limit
Maximum limit of gift amount in a year for spouses and attract tax liability.
Replies (4)
No limit for gifts between relatives (here spouses), as exempted u/s. 56(2)(x) of IT act.
But clubbing of income u/s. 64 of the act gets triggered.
Gift to relative is completely exempted.
| Originally posted by : Dhirajlal Rambhia | ||
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No limit for gifts between relatives (here spouses), as exempted u/s. 56(2)(x) of IT act. But clubbing of income u/s. 64 of the act gets triggered. |
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Is gift Deed Necessary or any Online Transfer saying gift to relative is sufficient evidence in court ?
No need of gift deed in case of bank transfer; but in case of any query, confirmation of gift receiver is required.
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