Tax treatment for cash gift from husband to wife

In Tally, you can record the gift receipt and show the entry in both your and your spouse's accounts as follows: *Your Tally Account:* 1. Go to "Accounts" > "Voucher Entry" 2. Select "Contra" as the voucher type 3. Enter the date of the transaction 4. In the "Particulars" field, select "Cash" (or "Bank" if you want to show the transfer) 5. Debit "Cash" (or "Bank") with ₹100000 6. Credit "Gift from Spouse" (create a new ledger account under "Current Liabilities" or "Other Liabilities") 7. Save the voucher *Your Spouse's Tally Account:* 1. Go to "Accounts" > "Voucher Entry" 2. Select "Contra" as the voucher type 3. Enter the date of the transaction 4. In the "Particulars" field, select "Cash" (or "Bank") 5. Debit "Gift to Spouse" (create a new ledger account under "Current Assets" or "Other Assets") 6. Credit "Cash" (or "Bank") with ₹100000 7. Save the voucher By recording these entries, you'll have accounted for the gift receipt in both your and your spouse's Tally accounts. Remember to adjust the ledger accounts according to your specific chart of accounts and accounting requirements. If you're unsure, consult a chartered accountant or a Tally expert for personalized guidance.

Thank you sir for such a detailed answer. Appreciate that. I have one small doubt, for group creation under current liability, is it not that all personal gifts received go under capital group?so is it possible to make "gift from spouse" ledger under capital account group??

looking forward to your valued insight on this

Regards

Dilip

Also can we us 'drawings' instead of "current assets" in spouse's tally account