Income Tax Exemption on Gifting to Spouse

[Balan R]

Hello All,

I am planning to give a particular amount to my spouse for starting a business.

Please let me know whether any income tax exemption is possible on this for me.

If yes, please let me know under which section this comes out.

Regards,

Balan

AI Summary

Income Tax Exemption Possible for Gifting Money to Spouse for Business Start-Up, Clarifies Respondent. An individual inquired about the possibility of receiving an income tax exemption for gifting money to their spouse to start a business. A respondent clarified that donations to close relatives, such as a spouse, are generally exempt from income tax provisions.