06 January 2013
Hello All Happy New Year I am Sanjay working as an accountant. I want to know that if a husband gives cheque for household exp to his wife and wife deposits cheque in her account for the expenses of household, then is this amount recieved can be treated as her income or not. Kindly advise. One more thing What is the meaning of leneal or decendent in Gift. Thanks & Regards Sanjay
Guest
Guest
(Expert)
06 January 2013
not it will not be treated as income of the wife
06 January 2013
Whether the wife really makes withdrawals for expenses against the amount received from her husband ? - . Whether the husband treats the amount given to his wife as Drawings or HHE ? . If the answer to the first question is almost yes, and to the second one is a certain yes- there will be no taxability. . Lineal Ascendants means father, grandfather...and lineal descendants means son. grand son.....of the individual.
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