India, Feb. 14 -- Thinking of gifting a new flat to your wife this Valentine's Day? While some may view it as an extravagant gesture, it could be the perfect idea for husbands with deep pockets. However, before those wealthy husbands get too carried away, here are a few important tax and legal considerations to bear in mind.

If a husband gifts a property to his wife, the value of the property is not taxable in the hands of the wife.

"Under the Income-tax law, any property received as a gift from a relative is not taxable in the hands of the recipient. Since wife falls under the definition of 'relative', the value of the property gifted by the husband to his wife will not be taxable in her hands," explains Neetu Vinayak, Partner and Tax ...