1. What is the complete procedure for gift of self earned immovable property to wife
2. What is the procedure for gifing RS 20 lac to wife
Thanks
1 Replies
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 27 February 2012
Hi,
You can make Gifts to your wife without attracting any tax liability. GIfts of Immovable property or money to Spouse is exempted u/s 56(2)(vii) of the Act.
Just a Gift Deed mentioning the details of the Gift will Suffice.
P.S.: As a matter of tax planning, One should avoid making gift to wives as CLUBBING provisions will get attracted.
Regards,
Prateek Agarwal
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