i had gifted rs 2ooooo/- to my wife is it tax free
19 Replies
Sonam Bidasaria
(CA)
(770 Points)
Replied 14 January 2011
It will be exempted under Sec 56(2)(vi)/ Sec 56(2)(vii) as the case may be.
Vikas Gupta
(CHARTERED ACCOUNTANT)
(16295 Points)
Replied 14 January 2011
| Originally posted by : MAULIK | ||
 |
Ofcourse TAXFREE................. |
 |
gaurav behal
(CA-IPCC)
(217 Points)
Replied 14 January 2011
not taxable because gift is from relative and wife comes under relative.......
comes under under Sec 56(2)(vi)/ Sec 56(2)(vii) as the case may be
HASSAAN IQBAL GONDALWALA
(ARTICLE ASSISTANT)
(48 Points)
Replied 14 January 2011
yes u/s 56 gift to relative i.e blood relation is fully exempt....
however for other any amount exceeding Rs.50,000/- is Wholly Taxable .
NIKIT SHETH
(Chartered Accountant)
(55 Points)
Replied 14 January 2011
Not Taxable as Wife is covered as relative u/s 56 of Income Tax Act. However Income
arising from that gift will be clubbed with the income of the Husband / Transferror.
Mohit Jangid
(Article)
(141 Points)
Replied 15 January 2011
but income form rs. 2,00,000 will be clubbed in the hand of transforor spouse as per section 64.
CS LLB Pulkit Gupta
(https://www.facebook.com/pages/Life-and-Promises/553962034682487)
(16631 Points)
Replied 15 January 2011
| Originally posted by : Sonam Bidasaria | ||
|
|
It will be exempted under Sec 56(2)(vi)/ Sec 56(2)(vii) as the case may be. |
|
Hardik Sutariya
(Accountant(I.P.C.C.))
(28 Points)
Replied 15 January 2011
Any Gift made by spouse to her/his spouse is not taxable in the hand of tax payer
manish
(Article Assitant)
(358 Points)
Replied 15 January 2011
it's not taxable because of the u/s 56(2), but any income generate from these income will be taxable
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