Gift limit

Kishor S SOlanki (Retired Employee) (48 Points)

08 February 2023

Maximum limit of gift amount in a year for spouses and attract tax liability.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (172468 Points)
Replied 08 February 2023

No limit for gifts between relatives (here spouses), as exempted u/s. 56(2)(x) of IT act.

But clubbing of income u/s. 64 of the act gets triggered.

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CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 09 February 2023

Gift to relative is completely exempted.

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Tellme (Working) (25 Points)
Replied 03 April 2023

Originally posted by : Dhirajlal Rambhia
	No limit for gifts between relatives (here spouses), as exempted u/s. 56(2)(x) of IT act. But clubbing of income u/s. 64 of the act gets triggered.

Is gift Deed Necessary or any Online Transfer saying gift to relative is sufficient evidence in court ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (172468 Points)
Replied 03 April 2023

No need of gift deed in case of bank transfer; but in case of any query, confirmation of gift receiver is required.

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