Cash or bank FD Gifts to wife ,daughter and son per year

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Cash or bank FD Gifts to wife ,daughter and son per year

Dear Sirs, Good Evening. Request to pls do guide : which amounts I can give as gift to my wife ( house wife),daughter (student),Son (student) per year ( in cash or in shape of Bank FD).Thanks in Advance, Surjeet Singh

Asked By: Anonymous 1 replies 1 helpful answers Last Updated: 8 months, 1 week ago
  • Anonymous

    Dear Sirs, Good Evening. Request to pls do guide : which amounts I can give as gift to my wife ( house wife),daughter (student),Son (student) per year ( in cash or in shape of Bank FD).Thanks in Advance, Surjeet Singh

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    You can give any amount of gift to your spouse or  children without any tax implication for either you or for them. But if they invest this amount and earn any income out of the gift then that income will be clubbed in your taxable income and you will have to pay tax on it. But if any of your children is above 18 years age then clubbing provisions will not be attracted and it will be considered as their income and will not be taxable in your hand. Further if you are giving some reasonable amount to your wife for regular household expenses and if she saves something out of it, then that saving will be treated as pin money and will be out of clubbing provisions.

    To know more on clubbing of income click https://www.hrblock.in/guides/gift-tax-india/

     

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