banner_ad

Giving money by cheque

This query is : Resolved 
Profile Image

Profile Image

(Querist)
07 September 2015 Hi, "A" buys a house from "B" for Rs 80 lacs and pays the amount by cheque. At the same time A pays Rs 20 lacs to B's wife who is a housewife through cheque. 80 lacs is for the house and stamp duty is paid by A on that amount only. What is the consequence on A, B and B's wife coz of that 20 lacs cheque given by A to B's wife?
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
07 September 2015 The 20 lacs will treated as income from other sources and taxed at applicable slab rates in the hands of B's wife.
Profile Image

Amol S Joglekar

Profile Image

Amol S Joglekar (Expert)
07 September 2015 Assuming A and B OR A and B's wife are NOT relative as contemplated in sec 56(2), AND also assuming that it is NOT a loan given to B's wife, 20 lac shall be deemed to be income of B's wife; which in turn is liable for clubbing u/s 64
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details