If some one give amount of Rs.27,50,000/- by cheque to his wife as a Gift. Is it Taxable as per Income Tax Rule or not ?
VISHAL GUPTA (MBA-Finance) (145 Points)
01 December 2012If some one give amount of Rs.27,50,000/- by cheque to his wife as a Gift. Is it Taxable as per Income Tax Rule or not ?
satish kumar voleti
(A.C.A., (ICWAI))
(1686 Points)
Replied 01 December 2012
Any sum of money received without consideration (i.e. gift) in excess of Rs 50,000 in a year by an individual or HUF is liable to income tax under section 56(2)(vii) of the Income Tax Act. However, exemption is given on gifts received from relatives, including spouse.
As such, the monetary gift received by you from husband is not taxable i Further, any taxable income in respect of investment out of such gift will be clubbed in the hands of husband under Section 64(1)(iv) of the Income Tax Act,1961
praveen
(Chartered Accountant)
(6971 Points)
Replied 01 December 2012
Gift from near relatives are not taxable in the hands of the receiver.
However any income derived from such gift would be taxable in the hands of the spouse.
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 01 December 2012
YES IT IS TAXABLE AS PER SEC 64.
manavi
(article)
(30 Points)
Replied 05 December 2012
As per my understanding, the gift received from spouse of the individual is not taxable.
Sivaguru SM
(Tax Consultant)
(235 Points)
Replied 05 December 2012
In my view Mr.Praveenji is correct
CAclubindia
