Incomtax liability for gifting to wife

I am a salaried person and my wife does not work. Under this scenario, if I transfer my savings (post tax saving) to my wife's bank account......would appreciate expert opinion on following.

 1> Would there be any additional tax (gift tax or income tax) liability for me or my wife?

 2> Is there any maximum limit of this gift amount to avoid gift-tax liability (if any)?

 3> Do I need to make any gift certificate in stamp-paper for this kind of gift?

4> Is there any limitation on frequency of this kind of transfer/gift?

 

Appreciate comments from experts.

Regards

 

Replies (1)

Gift Tax Act has been abolished and so no gift tax will be levied.

  Also no income tax will be levied in case of you or your wife. (See Section 56(2)(vi) or (Vii) of the Income tax Act---> Gift from relatives)

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register