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GIFT

This query is : Resolved 

If my wife declares money given to her by me as gift in her ITR as INCOME other sources, than will clubbing provisions apply ?

Kindly advise.

Regards,

HARSHAD KHONA


Then also clubbing provisions applicable if any income earned out of the gift amount.

No!
But if your wife earns any income from that gift that income will liable to be clubbed.
Ex.- If you have given her gift of 10,000/-, it does not attract the provisions of clubbing. But if you wife creates an F.D. of that 10,000/-, in that case interest earned by her will be clubbed with your income.

Thank you very much sir,
In this respect, I have one more query..
On which page of ITR II, this clubbed income is to be shown shown.
Thank you Sir.

HARSHAD KHONA

Such income need not be shown separately add it with the concerned income head.


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