Taxation of gifts

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  1. Dear Sir/Madam,
    An assesse had made monetary gift of Rs. 3.00 Lac to his wife. Please tell whether gift given to wife is allowed as per IT Act and his wife has also made a Fixed Deposit with the said amount in bank. whether the interest on Fixed Deposit will be shown in wife's account or in husband's account.


    Thanks,
    Abhishek.
     
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