Question 1 - I have given a gift of Rs.2 Lac to my wife. Where do I show this in my ITR 2A?
Question 2 - Is it correct for my wife to show this gift in the EI section of ITR 2A under the others row?
1 Answers
Hi,
A gift given to spouse is tax-exempted. But kindly note that the income (if any) from that gift is taxable in the hands of the Donor who is gifting. There is no requirement to show these gifts in ITRs as it does not fall under the definition of Income chargeable to tax. Suggest you to go through below articles:
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