Gift under Income Tax
This query is : Resolved
15 December 2009
Dear All,
Whether wife can give gift to husband ?
If yes, what is the limit and what is relevant section under Income tax act ?
Thanks
Whether wife can give gift to husband ?
If yes, what is the limit and what is relevant section under Income tax act ?
Thanks
15 December 2009
Yes. She can gift any amount to her husband, but remember one thing that there must be proof of funds to be gifted. Section 56 of Income tax act govenrs the provisions of Gift to relatives.
15 December 2009
Thanks !!
One more thing.
If she can gift to her husband and if any income generates from that gift,
then what will be the income tax implications. In whose income that amount will be taxable.
One more thing.
If she can gift to her husband and if any income generates from that gift,
then what will be the income tax implications. In whose income that amount will be taxable.
15 December 2009
Yes it will be taxable.tax depends upon gift category and IT Act.
15 December 2009
Income generated from the gifted property will be taxable in the hands of wife every year.
Sec. 64(1)
Income further accrued in the hands of husband out of such income will be taxable in the hands of husband.
Sec. 64(1)
Income further accrued in the hands of husband out of such income will be taxable in the hands of husband.
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