Clubbing income transactions closed procedure
This query is : Resolved
29 September 2022
SIR,
Assessee cash gift to wife value rs:40 lacs after clubbing income show in husband it returns .
Question:
Assessee clubbing income transactions closed procedure in books and it returns.
Assessee cash gift to wife value rs:40 lacs after clubbing income show in husband it returns .
Question:
Assessee clubbing income transactions closed procedure in books and it returns.
29 September 2022
The clubbing is for income tax assessment. So, it needs to be declared in respective ITR. No need to change the same in books of accounts. Let the income from the gift amount remain in the hands of wife.
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