Gift

snpathak (Querist) 14 August 2016 This query is : Resolved
husband has gifted Rs 8 lacs to his wife which is exept.she acquired fdr of the same amount.please tell me interest on fdr will be taxed in the hand of his husband or not.

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Advocate Kappil Cchandna (Expert) 14 August 2016
Sir,

Not taxable.

Warm Regards
Kapil Chandna Advocate
9899011450

Guest (Expert) 14 August 2016
Dear SN Pathak,

You being an Income Tax Advocate, as per your profile, and being already in practice you can be assumed to be quite well versed in Income Tax implications.

Moreover, your question on gift seems to be wrong, as that is about the FDR purchased by the donee with the gifted amount.

Can I know any specific reason for putting such question here?

Rajendra K Goyal (Expert) 14 August 2016
Academic query, no reply.

adv.bharat @ PUNE (Expert) 14 August 2016
Can I know any specific reason for putting such question here?

Academic query, no reply.

Ms.Usha Kapoor (Expert) 15 August 2016
Gifts received from specified relatives including wife or husband giving cash gift of Rs.8 lacs to wife is totally exempt from gift tax both in the hands of donor and recipients hands of the gift. But, the donor should maintain some documentary evidence of the gift of giving a gift by the giver/donor and taking cash or kind gift by the recipient and get it registered although registration of a gift deed signed by two witnesses in the presence of donor who also affixes his signature. Donor should declare this cash or kind gift amount in his IT return so as to exclude himself from tax liability.Oral gift is not strictly required to be registered according to law.But it is safe to always to get it registered to avoid tax liability. If your wife invests this 8 lakhs in a Bank fixed deposit and earns interest on that that will be taxable and it will be clubbed with the total income of the donor.

Suhail A.Siddiqui (Expert) 15 August 2016
Agree with Ms Usha Kapoor regarding taxability of Gift and Interest earn by the wife.

Guest (Expert) 15 August 2016
Well advised by Ms. Usha Kapoor.

But, being even an Income Tax Advocate himself, the author of the query is still silent about the reason for his academic query.

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