Pin Money to Wife
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2010
A salaried Person (Salary 30000 pm) transfers Rs 5000 every month to his wife,s bank Account. The wife saves the whole amount and creates FD out of it. Whether the Interest on such FD will be Clubbed in the income of the husband.
28 May 2010
Yes. It will be clubbed in the hands of the husband.
28 May 2010
AGREED.
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2010
If She saves 3000 out of it and invest in FD.
Whether the case will be the same. Because as known to me that income arising though Assets purchased out of PIN money is not Clubbed.
Whether the case will be the same. Because as known to me that income arising though Assets purchased out of PIN money is not Clubbed.
28 May 2010
PIN money is what , ie. it is for expenses. If she saves Rs.3000/ i.e you have pay more . i.e it is tranfer of income . Hence in this case also , income will be clubed.
28 May 2010
Agreed with Mr. Bansal.
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