Which provision will apply for interest on gifted money to brother's wife?
15 Replies
rama krishnan
(12239 Points)
Replied 14 April 2019
in my opinion section 64(vii) will applicable, let's wait for experts opinion
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 14 April 2019
clubbing provisions not applicable in your case. Section 64(vii) applicable when such transfer for the immediate or deferred benefit of his/her spouse (wife/husband).
CA Shikha Sharma
(Ceo)
(3869 Points)
Replied 14 April 2019
interest money to brother's wife to be clubbed of course
CA Shikha Sharma
(Ceo)
(3869 Points)
Replied 15 April 2019
Shubham this isn't tax planning
read ITA then say this
read ITA then say this
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 15 April 2019
No clubbing would be done here. Section 64(1)(vi)/(vii) is not applicable as that is for the benefits of Spouse Only and not for Brother's wife.
CA Shikha Sharma
(Ceo)
(3869 Points)
Replied 15 April 2019
clubbing hogi bhai yeh interest income ki upaj hai
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 15 April 2019
Mr. Shubham First of all if you keep on adding one thing after another, then every time the answer may be different.
For your original question- No Clubbing would be done for interest income.
After your add on- It would become the case of cross transfer. Then clubbing provisions would become applicable.
As far as your tax planning query is concerned, No one do the tax planning by risking the money itself. And second thing here by gifting money to your relative you don't get any deduction etc.
For Mr. Nikhil- Would you please enlighten me under which section Such Interest Income would be clubbed (as you said).?
smnti jain
(39 Points)
Replied 16 April 2019
| Originally posted by : CA Sunil Kumar | ||
 |
clubbing provisions not applicable in your case. Section 64(vii) applicable when such transfer for the immediate or deferred benefit of his/her spouse (wife/husband). |  |
Pankaj Goel
(15 Points)
Replied 17 April 2019
| Originally posted by : nikhil sharma | ||
|
Shubham this isn't tax planning read ITA then say this | |
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 17 April 2019
I agree to Mr. Nikhil Sharma's view.... Nitesh bhai.. PLS research on this issue and come out with a final solution..
My view is that if I transfer any property to my brother's wife in order to minimize my total income (rental income), then why clubbing provisions shouldn't be applied.. If clubbing provisions shouldn't apply then everyone will start practicing this by transferring all immovable properties and fds in the name of their relatives to avoid taxation.
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