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Gift tax

This query is : Resolved 
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(Querist)
03 September 2014 I AM GIFT MY WIFE BULDING 3 LAKH AMOUNT WHAT IS TAXABLE IN MY WIFE A/C AND PLASES EXEMPTED LIMIT
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
03 September 2014 Dear Nitesh,

Any amount of Gift to 'RELATIVE' is totally tax free, there is no limit.


Wife is covered under the definition of relative as per income tax act.
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Rupesh Jain

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Rupesh Jain (Expert)
03 September 2014 GIFT TO his relative win wholly exempt form the tax.
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