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Gift to spouse

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(Querist)
25 September 2009 can a partner receive a gift from a spouse who is depositor in the same firm?

Is such gift exempt?

Does the income proceeds form such gift is taxable?

plz help me
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Ratan Sharma

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Ratan Sharma (Expert)
25 September 2009 1. Partner can accept the gift from spouse.
2. Gift is exempt from tax
3. Income proceed from such gift is chargeable to tax in the hands of donor. Clubbing section will apply.

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