My wife is house wife. I deposit Rs 25,000 every month into her account from my account. Will she have to pay tax on the money that I deposit into her account and show it as income from other sources?
please explain elaborately.
2 Replies
Gauthami
(Student CA Final )
(431 Points)
Replied 15 August 2018
no...an income cannot be taxed twice as per income tax act...if you are paying tax on that income ur wife need not pay... otherwise she should
rama krishnan
(12244 Points)
Replied 15 August 2018
the amount you transferred to wife's account will not tax but any income generated out of that transferred amount has to be clubbed in your income and charged to tax accordingly
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