Gift tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2013 Mr. A is an Individual Indian Resident working in Bank.

If he give Rs.20000/- per month as Gift to his wife by cheque through salary account.Gift Deed is also prepared.

My question is now:-

Is Mr. A's Wife Rs.240000/- in twelve month received from his Husband is taxable in India.

CA. Sunil Kumar

CA. Sunil Kumar (Expert)
Follow

23 February 2013 No such income is not taxable in the hand of Mr.A's wife.
as per Section 56(2) of Income Tax Act.

But any income arise from this fund is taxable in the hand of Mr. A as per section 60 to 65 of Income Tax Act.