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?
15 April 2012
no here clubbing provision wont apply............... here no question of income arises so anything not chargeable ...........
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).
.
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