21 December 2011
During A.Y. 2012-13 if wife receives Rs.5,00,000/- as gift from husband and earns any Income on that amount then whether that inconme will be taxable in the hands of husband or wife?
21 December 2011
As per clubbing provisions contained in the act "income from gift, to spouse by husband without adequate considaration shall be clubbed in the hand of husband.
in above case income from gift of Rs. 500000 will be clubbed in the income of the husband.
CAclubindia
