Gift from wife
This query is : Resolved
06 September 2014
If i recieved gift from my wife worth Rs 50,00,000/-. Now if i invest such money into any of Business then What is treatment of Profit from such business. wether it will considered as my own B & P or it will be clubbed with my wife's income? Pls reply as soon as possible.
06 September 2014
Dear Saurabh,
As per my opinion.
Income earned from such money invested in business will taxable to you only.
As per my opinion.
Income earned from such money invested in business will taxable to you only.
Message likes :
2 times
06 September 2014
mr devanand,there is written that, any income earned from gift will be clubbed with transferor. does that clubbing applied ovr here ?
08 September 2014
if gift is as a registered irrevocable deed then only situation arise like the one author asked here.
Till that time IT might unnecessarily pounce on the business person or club the income as also source of funds unless duly documented!
Till that time IT might unnecessarily pounce on the business person or club the income as also source of funds unless duly documented!
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