Cash greater than 20000

monika (Querist)
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24 August 2016 can husband give cash greater than rs. 20000 to his wife as loan or gift?

ACA Anurag (Expert)
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24 August 2016 Dear Monika,

Give gift with relation is exempt and not liable to any limit (limit upto Rs 50000)

So don't worry

Hope your query is resolved

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monika (Querist)
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24 August 2016 sir if he want to give 2 lakh in cash in single trasanction
can he give

ACA Anurag (Expert)
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24 August 2016 Dear Monika,

As husband and wife covers under relative and hence taxability is not applicable.

But in this case section 64 of clubbing of income will be applicable.

So avoid giving amount above 50000 in a year

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monika (Querist)
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24 August 2016 can husband give cash gift of rs. 2 lakh to his wife for built her self occfied house , so income from house property will not genrate so question arise that
clubing provision under 64 will aplied or not because wife have not earn any income from husband cash gift ?

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ACA Anurag (Expert)
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24 August 2016 Dear Monika,

Clubbing of income will be applicable because section 64 do not give any relief.

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monika (Querist)
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24 August 2016 but sir as i know if any income genrate from gift than it will taxable in hand of husband under clubing provision section 64
but in this case income are not genrate from self occupied house that built from husband cash gift
am i right sir or not ?

Amol S Joglekar

Amol S Joglekar (Expert)
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24 August 2016 yes you are right.
(Please also note, the capital gain, if any, in future, if any, will be subject to CLUBBING.

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ACA Anurag (Expert)
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24 August 2016 Dear Monika,

You are correct but make sure that no capital gain arrise as it will be covered under clubbing provison.

Hope your query is resolved

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CA Ayush Agarwal (Expert)
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24 August 2016 No, Loan can't be paid in cash over 20k. U/s 269ss.

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monika (Querist)
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24 August 2016 rs. 20000 in single day
or
rs. 20000 in a year

can we give rs. 2 lakh as loan split in small amount less than rs, 20000 in diffrent days of a year ?
like 18000(1st day)+ 15000(2nd day)+19000 (another day )+..........=200000 (total 2lakh)

CA Ayush Agarwal (Expert)
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24 August 2016 No..in a year...20000 limit is for a year

ACA Anurag (Expert)
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24 August 2016 Dear Monika,

First u tell about gift and now it's about loan. section 269SS deals with loan and not with gift. So as explained earlier gift is allowed.

Dear Ayush,

Gift and loan are two different things and two different sections covers it. In relation gift is allowed without limit subject to clubbing of income if any.

Hope your query is solved.

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CA Ayush Agarwal (Expert)
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24 August 2016 I am sure one has read her first post of this thread

can husband give cash greater than rs. 20000 to his wife as loan or gift?

Here clearly asked for gift or loan.

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monika (Querist)
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25 August 2016 this query is divert to loan, because main motive is to give rs, 2 lakh to wife in cash in a year with any way

Amol S Joglekar

Amol S Joglekar (Expert)
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25 August 2016 between gift and loan....give it as gift.....
(There could be other way of giving money as well......since your query is restricted to GIFT versus LOAN)

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