Gift Tax Chargeability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2011 Please suggest whether Gift tax is applicable for transfer of open land to wife from husband out of love and affection

U S Sharma (Expert)
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21 May 2011 if the land is owned by husband, then no gift tax for giving to wife, but any earning from land would be clubbed to husband's income.

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