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INCOME ARISING FROM GIFT

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(Querist)
14 July 2022 My client deposit cash and transfer money to his wife's bank account invested money in MF and pays LIC from there. is bank interest, and profit/loss from MF need to be clubbed with the income of the husband or treated as income of his wife?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
14 July 2022 It will be clubbed with Husband's income.
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Dibyendu Majumder

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Dibyendu Majumder (Querist)
14 July 2022 is LIC paid from the wife's bank account, eligible for 80c in husband ITR ?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
14 July 2022 Yes, provided you get the receipt in your name.
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Dibyendu Majumder

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Dibyendu Majumder (Querist)
14 July 2022 If Receipt is the name of his wife, then?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
14 July 2022 Husband won't get deduction u/s. 80C of the act.

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