Gift received from wife

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22 December 2015 Can I received gift from my wife Wife . Pls explain me its tax-ability .

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 December 2015 There is no limit for gift to relatives. Entire amount is exempt from tax.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)

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