Giving cash gift to spouce

This query is : Resolved

B R PATEL (Querist)
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02 March 2014 Sir,
I want to give around 49000 rs as cash gift to my wife for tax saving FD.
How can I declare my gift amount in IT return filling for tax exemption.
Under which section, this amount can be declared.
I am salaried employee and I comes under 20% tax slab while my spouce is housewife.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 March 2014 you dont have to mention this transaction in your tax return.

B R PATEL

B R PATEL (Querist)
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02 March 2014 Dear sir, as I mentioned, I am salaried employee, my employer give me form 16 as total salary I get. So should I deduct the cash gift amount from total amount comes under the head of salary.
What is the limit of this cash gift amount...
Can I also invest on name of my child 3 yrs old.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 March 2014 no there is no deduction available for gift given to anyone. nor it has to be included in your wife's income. yes you can invest in your child's name. but any income arising from such investment shall be included in your income.