I am chirag Mistry from ahmedabad, I have one question regarding Gift,
I have cash received Rs. 100000 from my wife as a gift. Is it taxable or not ?
Chirag Mistry
I am chirag Mistry from ahmedabad, I have one question regarding Gift,
I have cash received Rs. 100000 from my wife as a gift. Is it taxable or not ?
Chirag Mistry
Gift from relative is not taxable under 56(2)(vii) of the IT Act, spouse is covered under defination of relative.
thanks
Gift is not taxed, but if you invest the amount and get interest, that interest will be added to your income and will be taxed.
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