tme s limted,bt drms r unlmtd (Mba ( fin.) Ca final Student) (257 Points)
16 December 2013A Husband gives gift to her wife amounting to rs.500000/- out of that money wife started business and earn profit
pls tell whether that profit is taxable in the hand of husband or wife
rgds
kk
CA Sanjay Bag
(CHARTERED ACCOUNTANT)
(3340 Points)
Replied 16 December 2013
Yes it is taxable under the Income Tax Act, 1961.
Mihir
(Wealth Manager)
(5293 Points)
Replied 16 December 2013
It depends on the professional skills put in by the wife to do the business.
CAclubindia
