if I Received Rs.650000/- from my spouse as a gift in cash. so This amount will be taxabl. Please Help me
10 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 05 March 2011
gift from spouse is not taxable,
as the amount is big and u have done cash transaction, which is suspious in eyes of IT department,
Make her returns and documents ready with source of this amount, whether tax paid or not, coz this may arise in due course,
pulkit gupta
(CA final student)
(160 Points)
Replied 05 March 2011
1. Check from the bank statement & previous ITR of your spouse that whether she has sufficient cash.
2. Show the gift amt. in your ITR
3. Any income earned from this amt will be included in the income of spouse.
I will recommend you not to show such huge cash gift transaction from your spouse as it appears bogus transaction.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 06 March 2011
not taxable,.... agree with mr u s sharma
pulkit kahlya
(md)
(64 Points)
Replied 07 March 2011
sir can u tell me why is it not taxable whether above 50000 rs gift is fully taxable
Pankaj Arora
(Learner)
(3134 Points)
Replied 07 March 2011
gift recd cash or cheque above than Rs.50000/- recd from non relatives will be taxable.
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