Gift cash to working/earning wife.
This query is : Resolved
05 June 2023
Sir, please guide if a husband bank transfers some amount to an earning wife. The FD is done with that money.
Will the interest income be clubbed with the husband?
And what if the husband is nonworking.
Thanks in Advance
Will the interest income be clubbed with the husband?
And what if the husband is nonworking.
Thanks in Advance
05 June 2023
Yes, the interest income will be clubbed with husband's income, whether husband is working or not.
05 June 2023
Even if the wife is working and filing ITR, What if I show it as a loan to wife
05 June 2023
When wife earns interest income, from the loan amount of her husband, the interest income is taxed in the hands of either of the person whose income is more.
05 June 2023
thank you sir, is there any way to avoid clubbing, as the money is already being transfered
05 June 2023
As per the process accepted, there is no other alternative.
There are different ways for that, for that get some local professional help.
There are different ways for that, for that get some local professional help.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Grocery given to poor people
- GST on work Contract on KPTCL
- Section 50C vs 56(2)(x)
- DRAFT OF DISSOLUTION OF PARNTERSHIP DEED
- REGARDING CAPITAL GAIN DEMAND
- Eligibility with regards to DTVSV – 24 Scheme of Income Tax
- TDS challan paid from other CA account
- GSTR 9C ERROR REPORT GENERATION
- Notice received under rule 37BA
- REGARDING BELATED RETURN IN OLD SCHEME
- Itc on igst on project import
- Facing issue for filling income tax return
- Sbi forex rate card for 3rd October 2019
- EWAY BILL & invoice
- CA Final Group 2 after a gap of 10 years
- LC & BG impact on working capital and Cycle
- CREDIT CLAIMED IN IGST
- Query Regarding Missing Purchase Invoices in GST Form 2B
- Selling the shares by a director
- CA Final Exemption Surrender
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
