Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 February 2015
RESPECTED EXPERTS,
PLEASE REPLY:
1)MY CLIENT WANT TO GIVE HER HUSBAND A GIFT OF RS. 5 LAKHS IN CASH. IS IT POSSIBLE TO DEAL IN CASH OR MANDATORY TO GIVE GIFT BY CHEQUE.
2) CASH GIFT IS ALLOWABLE UPTO HOW MUCH AMOUNT.
3) IS IT TAXABLE OR NON-TAXABLE IN THE HAND OF HUSBAND.
THANK YOU
PLEASE REPLY:
1)MY CLIENT WANT TO GIVE HER HUSBAND A GIFT OF RS. 5 LAKHS IN CASH. IS IT POSSIBLE TO DEAL IN CASH OR MANDATORY TO GIVE GIFT BY CHEQUE.
2) CASH GIFT IS ALLOWABLE UPTO HOW MUCH AMOUNT.
3) IS IT TAXABLE OR NON-TAXABLE IN THE HAND OF HUSBAND.
THANK YOU
25 February 2015
As per Section 56 any gift made between relatives whether in cash or kind is exempt from tax. In the given case given the entire amount of Rs. 5 lakhs would be exempt from tax and there would be no tax implications in the hands of either the husband/wife.
25 February 2015
As per Section 56 any gift made between relatives whether in cash or kind is exempt from tax. In the case given the entire amount of Rs. 5 lakhs would be exempt from tax and there would be no tax implications in the hands of either the husband/wife.
25 February 2015
1. can be given by cash and is exempted for relatives.
2.no limit as both coevered in definition of relatives
3.non taxable
2.no limit as both coevered in definition of relatives
3.non taxable
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 February 2015
THANK YOU FOR YOUR PROMPT REPLY TO ALL LD EXPERTS.
IT MEANS CASH CAN BE TAKEN. ONES AGAIN THANK YOU VERY MUCH ALL OF YOU.
IT MEANS CASH CAN BE TAKEN. ONES AGAIN THANK YOU VERY MUCH ALL OF YOU.
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