CCI Online Learning
50% OFF in CA/CS/CMA Subjects
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Gift and loan to wife

This query is : Resolved 

I have heard from an Income Tax expert on all India TV show that you cannot gift to your wife.
My question is suppose I have Fifty Lakhs in Bank. I have other taxable incomes and to save tax if I transfer this amount to my wife, who has PAN card, and my wife makes F.D. from that amount and pay tax on interest she will earn from it or utilises exemption limit of Rs. Five Lakhs income available to her and I show this transfer as loan . Is this transaction permissible under I T. Act ?


The transaction is permissible. It can be an interest free loan to your wife, or even gift. There is no tax liability. Further the wife shall be eligible to avail benefit of exemption limit.


You need to be the querist or approved CAclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :





Trending Tags
GST Live Class    |    x