International Women’s Day is celebrated on 8 March all over the world. On this special occasion, every person wants to give a special gift to the women of his house. If you are preparing to give a gift to your wife on the occasion of Women’s Day, then you can give her the gift of financial security by investing. But, before making any kind of investment, you must get the correct information about the tax and return of investment. If you make any kind of investment in the name of your wife, then it is considered as a gift. You must mention the details of the amount invested in the name of your wife in the Income Tax Return (ITR).
Along with this, if you have invested in the Senior Citizen Savings Scheme (SCSS) in the name of your wife, then you must also include it in the ITR. But, you need not include wife’s income in your ITR.
If you wife gets money from some unknown person as a gift
Let us tell you that if your wife receives money in the form of cash, then it is considered as a gift. In this, the limit of the amount is up to Rs 50,000, then there is no tax in it. At the same time, if this amount is above Rs 50,000 and your wife has received it, then it is necessary to mention this amount in your ITR. This amount will be taxed as per the tax slab.
Cash gifts from relatives
Let us tell you that if you or someone your relative gives a cash gift to your wife, then this gift is completely tax free. It is noteworthy that according to the rules of Income Tax, no tax is levied on any gift received from husband, brother, sister, parents, mother-in-law, father-in-law etc.
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