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Taxablity of gift from husband to wife

Tax queries 902 views 4 replies

Gopal B.R.

Sr. Finanace Exec.

37 Points Joined June 2010

Hi All,

Please advise me on the Taxablity of GIFT from Husband to Wife. This GIFT is in the form of Cheque. Let me know if a Husband GIFTS money to Wife & Wife invests the same in investments in whose name the income will be chargable in Incometax. Whether the income will be clubbed in husbands name if the Wife is a house wife? or if the Wife is earning herself what will be the taxability of this GIFT from Husband to Wife.

Replies (4)

Guest

gift tax free

some says it will not clubbing income if

invested by wife

go throug laws for ownership status of gift after recevive it

Vaibhav Rana

5 Points Joined October 2017

it will be taxed in the hands of husbnd

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Gift from husband to Wife. It's not taxable in wife's hand...
In case husband is taxpayer then he ll be show it in his income. But, wife's hand it's tax free...

After wife's hand she is invest or any other income related activities then it's taxable by wife's hand ....

Anantharam

Income Tax Practitioner

26 Points Joined June 2014

IN MY OPINION CLUBBING SECTION IS THERE,AMOUNT INCLUDED IN THE HANDS OF HUSBAND,TO SAVE THIS BETTER IF WIFE TAKE THIS AMOUT AS LOANN AND GIVE INTEREST AND THEN INCOME IS TAKEN IN HER NAME