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
CAclubindia
