29 August 2011
MY UNCLE GIFTED ME RS 1 LAKH CHEQUE WHICH I HAD DEPOSITED IN MY A/C HAD GIVEN TO SOME OTHER PERSON AS LOAN @12% P.A MY QUESTION IS THAT HOW TO ACCOUNT THIS TRANSACTION IN MY UNCLE BOOK AS WELL AS IN MY BOOKS? CAN I SHOW THIS AS GIFT ? IS THERE ANY TAX ARISE TO ME OR MY UNCLE? FOR DIVERSION OF INCOME FURTHER MY UNCLE HAD ALSO GIFTED CHQ TO MY AUNT WHAT TO DO EXPERT ADVISE REQUIRED. THANKS IN ADVANCE
29 August 2011
In case a husband gifts anything to his wife, then the income arising from such source is clubbed in the hands of the husband even though there is no tax on the gift as such.
CAclubindia
