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 the gift received by the wife has been invested in bank's fixed deposit in her name and please tell whether the interest received will be taxable in the hands of the assesse or in the hands of his wife.

    Please reply. Its urgent.

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