tjr (Retired) (148 Points)
09 June 2014A wife gifts Rs 10 lacs to her husband,in return for love and affection.
Still is interest income generated on 10lacs, to be clubbed with the wife's income ?
What if a gift deed is made? Does the situation change?
Thanks in advance.
Harendra Kumar
(Tax Advisor )
(1326 Points)
Replied 10 June 2014
Gift given to her husband Rs. 10 lac and if any income recd. In this regard then income clubbed in wife account head and you can make the gift deed also or not but you recd. Gift money in the legal manner only.
CA Nitin K. Varshney
(FCA DISA CCA Peer Reviewer (ICAI))
(616 Points)
Replied 10 June 2014
income arised from the money received in gift will be clubbed to the gift giver.whether gift deed has been executed or not.
CAclubindia
