husband is having individual trading bussiness, he received gift form wife through cheque, wife is also tax payer, is inocme of husband is required to be club in wifes income to the extent of gift amount?
2 Replies
Shah Tarun
(Student)
(800 Points)
Replied 08 September 2011
Gift from relative exempt how ever Sec 64(1)(iv) will get attracted so the proportionate income will be chargable in the hands of wife. . .
You can show it as an unsecured loan instead of gift..
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