Clubbing
This query is : Resolved
15 April 2012
If I gift Rs 100000/- in cash to my wife, in that case whether provision of clubbing of income is applicable?
CA Rakesh Goenka
(Expert)
15 April 2012
no here clubbing provision wont apply............... here no question of income arises so anything not chargeable ...........
CA PARAS BAFNA
(Expert)
15 April 2012
The reply given by expert is true only when the wife spends the money for wasteful expenses or for such purposes which are not capable to generate any income.
.
Practically & technically also, if a person is having a wife like above, she will make "application" of money without being gifted to her and possibly amount of Rs. 1.00 lac
may not be retained by him for the purpose of making a gift.
.
But in-spite of wasting money, if she invests it, the income generated from such
investments will be clubbed in the hands of the Husband. (Pl. Refer Section 64(1)(iv).
.
.
Practically & technically also, if a person is having a wife like above, she will make "application" of money without being gifted to her and possibly amount of Rs. 1.00 lac
may not be retained by him for the purpose of making a gift.
.
But in-spite of wasting money, if she invests it, the income generated from such
investments will be clubbed in the hands of the Husband. (Pl. Refer Section 64(1)(iv).
.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- ARCA LOGIN
- Appointment of Auditor By Form ADT-1
- TDS Return Statement Status
- Closer of business and itc of capital goods
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
