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Harshad Khona (Querist)
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09 December 2019 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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 December 2019 Then also clubbing provisions applicable if any income earned out of the gift amount.

Devershi Gupta

Devershi Gupta (Expert)
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10 December 2019 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.

Harshad Khona

Harshad Khona (Querist)
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10 December 2019 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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 December 2019 Such income need not be shown separately add it with the concerned income head.

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