Gift to spouse
This query is : Resolved
14 August 2020
I have a question for my study purpose.
What are the tax implications of gifting 50 lakhs to spouse? If the husband is retired with no pension, and only has a savings of 1 cr. If he gifts 50 lacs to his wife and they both open FD.
What are the tax implications of gifting 50 lakhs to spouse? If the husband is retired with no pension, and only has a savings of 1 cr. If he gifts 50 lacs to his wife and they both open FD.
15 August 2020
Income generated by wife from the amount gifted would be clubbed with income of husband and taxed accordingly
19 December 2021
Exceptions under sec. 64(1)(iv) ...
1. Income earned out of Income arising from transferred assets not liable for clubbed. [M.S.S. Rajan 252 ITR 126 (Mad)]
2. Cash gifted to spouse and he/she invests to earn interest. [Mohini Thaper vs. CIT 83 ITR 208 (SC)]
3. Capital gain on sale of property which was received without consideration from spouse [Sevential M. Sheth vs. CIT 68 ITR 503 (SC)]
4. Transaction must be real. [O.N. Mohindroo 99 ITR 583 (Delhi)]
1. Income earned out of Income arising from transferred assets not liable for clubbed. [M.S.S. Rajan 252 ITR 126 (Mad)]
2. Cash gifted to spouse and he/she invests to earn interest. [Mohini Thaper vs. CIT 83 ITR 208 (SC)]
3. Capital gain on sale of property which was received without consideration from spouse [Sevential M. Sheth vs. CIT 68 ITR 503 (SC)]
4. Transaction must be real. [O.N. Mohindroo 99 ITR 583 (Delhi)]
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