Amit Kumar Das (Retd) (236 Points)
04 October 2018If an income tax payee resident sr citizen makes a cash gift to his/her spouse who is also an income tax payee, will it be taxable in the hand of the receiver/
If not what is the limit of such immunity?
What is the procedure of making the gift?
Is it necessary to show this gift in the ITR of the receiver and in what manner?
Ankita Chachan
(practitioner)
(548 Points)
Replied 04 October 2018
A person can gift any amoun tto his relative. It is not taxable.
U can make gift through a gift deed.
Refer sec 56(2)(vii)
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