Gift Money Query

No tax liability over gift from mother to son or from husband to wife. But there will be clubbing of income in second case.

It means, wife can invest in shares, but whatever capital gains or dividend received over the investment will be taxed with Husband's ITR

Thanks for the response sir.  My wife is IT assessee and in case of share disposal capital gains will be shown in her ITR & Dividend will be taken into consideration on her returns & the income tax will be paid from her account respectively. 

As per section 64(1)(ii) of IT act... which reads as ....

Income of individual to include income of spouse, minor child, etc.

"64. (1) In computing the total income of any individual, there shall be included all such income as arises directly or indirectly—

 (ii) to the spouse of such individual by way of salary, commission, fees or any other form of remuneration whether in cash or in kind from a concern in which such individual has a substantial interest :

Provided that nothing in this clause shall apply in relation to any income arising to the spouse where the spouse possesses technical or professional qualifications and the income is solely attributable to the application of his or her technical or professional knowledge and experience. . . . . .. . . . . . . "

So, any income arising out of the gift to spouse will be included in the hands of the DONOR...

Noted sir, thanks both for clarification.

Most Welcome ..