Ganisht
(CA Final)
(196 Points)
Replied 15 January 2011
Wife is covered under the defination of relative as per section 56(2)(vii).
As per section, Gift received from relative by an individual wheather in cash or kind is not taxable in the hand of receiptant.
So, gift to wife is not taxable in the hand of wife
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 15 January 2011
Gift would not be taxed. However any income generated from the gift would be liable for clubbing provisions u/s 64 in the hands of the husband.
CA Tushar kabra
(B.com CA.Final student)
(42 Points)
Replied 15 January 2011
Not Taxable as Wife is covered as relative u/s 56(2)(vii).of Income Tax Act. However Income
arising from that gift will be clubbed with the income of the Husband / Transferror.
DK MULLA
(Accountant)
(47 Points)
Replied 23 July 2013
Hi
If my taxable income is Rs. 260000/- and I give gift Rs. 60000/- to my wife then I have to pay tax on Rs. 60000/- ?
CAclubindia
