Hey Buddy,
Last year women’s day, my husband gifted me with a sum of Rs. 50,000. It was during that time I asked my husband, “can husband gift money to wife in India?” A monetary present is something that is always useful, therefore it would be a smart idea to give one. However, it's crucial to know the maximum amount of money you can provide without incurring any tax obligations.
Calculate your EMI on a home loan with the help of the NoBroker EMI calculator. With NoBroker's house loan services, you may get a stress-free home loan disbursement. Is money transferred to wife taxable?According to experts, under normal circumstances, financial gifts up to Rs 50,000 from anyone will not have tax repercussions. However, under section 56(2)(x) of the Income Tax Act (the "IT Act"), this threshold restriction is not applied if the monetary gift was received from a specific relative (which includes a spouse).
There is no such cap on the amount of cash that can be given without it having an impact on taxes in the event of a monetary gift from the husband. In other words, a man can give his wife whatever amount without worrying about the tax consequences.
According to tax regulations, no one is permitted to collect more than Rs 2 lakh or more in cash from a single individual in a single transaction each day. Because of this, tax experts advise keeping your monetary present to Rs 2 lakh.
According to Section 269ST, no one is allowed to receive from a person an amount of Rs. 2 lakh or more in a day, for a single transaction, for transactions involving a single event or occasion, etc.
Also, if you are pondering about the fact that if I transfer money to my wife is it taxable or not then I would like to say that it is important to remember that although while the financial gift is tax-free in the wife's hands, any income derived from it would be subject to clubbing rules under section u/s 64(1)(iv) of the IT Act and afterwards taxable in the husband's hands.
I would like to conclude here as I believe this suffices your query about can husband gift money to wife in India. I hope this helps:)
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How to Show Borrowed Money in Income Tax Return? How to put tax and rent money in a bank? Can i avoid the capital.gain tax if i use the money to pay off my housing loan?Your Feedback Matters! How was this Answer?
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Authors Of The Question
Is Money Transferred To Wife Taxable?
Santosh
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1 Answers
2 Year
2022-09-29T18:09:38+00:00 2022-09-29T18:16:52+00:00Comment
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