I would like to know tax consequences for the following :
A husband has earned commision/bonus/extra pay and wishes to gift the same to his spouse.
Does Wife need to pay any tax on this income?
Husband and wife both are salaried professional in India.
Thank you,
Hansa
| Originally posted by : Hansa | ||
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I would like to know tax consequences for the following : A husband has earned commision/bonus/extra pay and wishes to gift the same to his spouse. Does Wife need to pay any tax on this income? Husband and wife both are salaried professional in India. Thank you, Hansa |
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after paying the tax in hands of husband, he can gift to wife, no gift tax applicable
Gift received from Relative is exempt from Income Tax.
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