November 21, 2013 8:13 am
If my sister gifts my wife an amount via cheque,will this gift come under exemption ?
Dear Malik, there ‘ll be no tax on your wife for the gifted amount. Post gift, any taxable income generated from the gifted amount ‘ll be your wife’s income and she needs to pay tax on the income.
Your email address will not be published. Required fields are marked *
Please subscribe me to your Email Newsletters
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Download Our FREE Ebook!
Available only for first 100 people today
New here? Create an account