Gift to spouse exceeding 50 k

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student
255 Points Posted on 27 April 2021
can husband gift more than 50000 to his wife. what is the condition for gift exceeding 50000
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On 27 April 2021 at 09:36 Report
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In the UK, gifts from relatives to a spouse are generally tax-exempt. However, for gifts exceeding £50,000, a formal gift deed is recommended to validate the transaction. Be aware that income clubbing rules may still apply, meaning income generated from the gifted asset could be taxed in the hands of the donor.

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Chartered Accountant
24588 Points Posted on 27 April 2021
Gift received from Relatives is fully exempted from the levy of tax and no income tax would be levied on such Gifts. Wife is under relatives category
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On 27 April 2021 at 10:17
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Practice
1361 Points Posted on 27 April 2021
Agreed with Mr. Sourav.
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On 27 April 2021 at 12:24
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Confidential
177 Points Posted on 27 April 2021
But it should be governed by a gift deed otherwise it is not treated as gift
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On 27 April 2021 at 12:53
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student
255 Points Posted on 04 May 2021
Thanks sir,
but clubbing of income applicable or not
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On 04 May 2021 at 22:48
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Chartered Accountant
24588 Points Posted on 10 May 2021
Yes clubbing is applicable
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On 10 May 2021 at 09:41

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