Clubbing provision
This query is : Resolved
P.R.Parikh
(Querist)
11 May 2018
I want to gift rs. 5 Lakhs to my wife. Will this be treated as her income for the year ? Further the income derived from this will be clubbed with my income ?
CA Ankit R Momaya
(Expert)
11 May 2018
Amount gifted to relatives would not be treated as income.
However any income generated from the above amount would be taxable in your hands.
However any income generated from the above amount would be taxable in your hands.
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