12 September 2009
I have a query. A husband is going purchase a piece of land. but he does not have the amount. His wife has enough amount. His income is exempted from tax but his wife income is not exempted. What will be beneficial for him from the point of view of income tax either to take loan from his wife and repay back the loan or payment from the joint bank account so that there will be no tax liability in future.
12 September 2009
I think the better option is take gift from his wife and invested in property. If he takes loan from his wife then interest question raised by anyone.
CAclubindia
