Clubbing
This query is : Open
22 January 2014
If husband transfers Rs. 1 Crore to his wife @ 5% interest and wife earns from the same @8%. Whether the difference of 3% (8%-5%) will be clubbed as income in hand of Husband.
22 January 2014
section 64(iv) read as follows:
"subject to the provisions of clause (i) of section 27, to the spouse of such individual from assets transferred directly or indirectly to the spouse by such individual otherwise than for adequate consideration or in connection with an agreement to live apart"
Hence in your case difference 3% is taxable in your hand
"subject to the provisions of clause (i) of section 27, to the spouse of such individual from assets transferred directly or indirectly to the spouse by such individual otherwise than for adequate consideration or in connection with an agreement to live apart"
Hence in your case difference 3% is taxable in your hand
23 January 2014
How we will analyse that the amount has been given for adequate consideration
23 January 2014
How we will analyse that the amount has been given for adequate consideration
23 January 2014
In your case. Since you have transferred cash without any consideration from your wife, it is the case of inadequate consideration only
24 January 2014
Sir we have given the cash in form of loan bearing interest 5%
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