Gift to spouse exceeding 50 k

prashant Kumar Singh (student) (246 Points)

27 April 2021

can husband gift more than 50000 to his wife. what is the condition for gift exceeding 50000

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5 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 27 April 2021

Gift received from Relatives is fully exempted from the levy of tax and no income tax would be levied on such Gifts. Wife is under relatives category

Lotus Agrawal (Practice) (1361 Points)
Replied 27 April 2021

Agreed with Mr. Sourav.

Devil (Confidential) (177 Points)
Replied 27 April 2021

But it should be governed by a gift deed otherwise it is not treated as gift

prashant Kumar Singh (student) (246 Points)
Replied 04 May 2021

Thanks sir,
but clubbing of income applicable or not

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 10 May 2021

Yes clubbing is applicable

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