Cash gift by husband to his wife

This query is : Resolved

Sandeep Agarwal (Querist)
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14 September 2012 Please give me the solution if a husband gifts Rs. 2,00,000/- to his wife and wife purchases a land for Rs. 4,00,000/- after adding rs. 2,00,000/- from her own funds and later on in the next F.Y. wife sells the plot and there is a short term capital gain, than whether the C.G. would be taxable in hands of husband or in the hands of wife.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 September 2012 The capital gain shall be taxable in the hands of the husband and the wife in equal proportion.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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14 September 2012 50% of the capital gain shall be clubbed in the hands of the husband as per section 64

Sandeep Agarwal

Sandeep Agarwal (Querist)
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14 September 2012 Mr. Bhardwaj my confusion is that sec. 64 is applicable only on income derived from assets gifted by the spouse but in my case the husband has gifted cash and not any asset, so whether cash gift would also be treated as gift of asset.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 September 2012 Cash is also an asset. Asset does not mean only non-cash assets.

Accordingly, cash gift also attract provisions of Section 64.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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14 September 2012 Agree with Mr. Siddhartha,

Cash is an asset and clubbing provision shall apply.

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