Gift
This query is : Resolved
07 October 2014
Sir, Plz. let me know that, I have given Rs. 5 lac to my wife in 5 years back and I shown in my book as loan/advance(asset), now can I give it to my wife as a GIFT to settle the a/c. or not? or how can i give it to her as a gift?
CA SUNIL K GARG
(Expert)
07 October 2014
sir, u can very well gift the amount to ur wife and there is no gift tax/ income tax u/s 56. but any income that arise from the investment of that amount will be clubbed in ur income.
12 December 2014
my annually income less than 2 lac, in this I have got profit in share/equity transaction around 10000/-, when my total profit is less than 2 lac, then this is taxable income or not?
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