GIFT
This query is : Resolved
09 December 2019
If my wife declares money given to her by me as gift in her ITR as INCOME other sources, than will clubbing provisions apply ?
Kindly advise.
Regards,
HARSHAD KHONA
Kindly advise.
Regards,
HARSHAD KHONA
09 December 2019
Then also clubbing provisions applicable if any income earned out of the gift amount.
10 December 2019
No!
But if your wife earns any income from that gift that income will liable to be clubbed.
Ex.- If you have given her gift of 10,000/-, it does not attract the provisions of clubbing. But if you wife creates an F.D. of that 10,000/-, in that case interest earned by her will be clubbed with your income.
But if your wife earns any income from that gift that income will liable to be clubbed.
Ex.- If you have given her gift of 10,000/-, it does not attract the provisions of clubbing. But if you wife creates an F.D. of that 10,000/-, in that case interest earned by her will be clubbed with your income.
10 December 2019
Thank you very much sir,
In this respect, I have one more query..
On which page of ITR II, this clubbed income is to be shown shown.
Thank you Sir.
HARSHAD KHONA
In this respect, I have one more query..
On which page of ITR II, this clubbed income is to be shown shown.
Thank you Sir.
HARSHAD KHONA
10 December 2019
Such income need not be shown separately add it with the concerned income head.
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