Cash gift by husband to his wife
This query is : Resolved
14 September 2012
Please give me the solution if a husband gifts Rs. 2,00,000/- to his wife and wife purchases a land for Rs. 4,00,000/- after adding rs. 2,00,000/- from her own funds and later on in the next F.Y. wife sells the plot and there is a short term capital gain, than whether the C.G. would be taxable in hands of husband or in the hands of wife.
14 September 2012
The capital gain shall be taxable in the hands of the husband and the wife in equal proportion.
14 September 2012
50% of the capital gain shall be clubbed in the hands of the husband as per section 64
14 September 2012
Mr. Bhardwaj my confusion is that sec. 64 is applicable only on income derived from assets gifted by the spouse but in my case the husband has gifted cash and not any asset, so whether cash gift would also be treated as gift of asset.
14 September 2012
Cash is also an asset. Asset does not mean only non-cash assets.
Accordingly, cash gift also attract provisions of Section 64.
Accordingly, cash gift also attract provisions of Section 64.
14 September 2012
Agree with Mr. Siddhartha,
Cash is an asset and clubbing provision shall apply.
Cash is an asset and clubbing provision shall apply.
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