Can I gift money to my wife through account payee cheque/ cash? If so, then is there any limit on the sum? How will the income (interest) generated from that amount be treated?

I have a yearly taxable income of more than Rs 50,000, including interest on deposits. I save tax by investing under Section 88. Can I furnish form 15H for waiving TDS from the interest earned?

Prasanta Mallik,
Ranchi

There is no bar in making the gift to your wife through cheque or cash. Presently there is no fixed limit in the gift amount. You can try applying for the 15H form for waiving TDS. For details, contact your tax consultant. It is also necessary to know if your wife has a separate IT PAN card.

I want to make a will on plain paper in my own handwriting. It is going to be attested by two witnesses. Is it necessary to register the will?

K.K. Mitra,
Calcutta 700006

Registration is not compulsory but it needs to be probated and a notice has to be sent to close relatives. The beneficiary may get into trouble if the will is contested. It is advisable to get the will registered to avoid any embarrassment. In case of loss, the beneficiary can collect a certified copy of the will from the registration authority and apply for a probate or letter of administration.