INCOME ARISING FROM GIFT
This query is : Resolved
14 July 2022
My client deposit cash and transfer money to his wife's bank account invested money in MF and pays LIC from there. is bank interest, and profit/loss from MF need to be clubbed with the income of the husband or treated as income of his wife?
14 July 2022
It will be clubbed with Husband's income.
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14 July 2022
is LIC paid from the wife's bank account, eligible for 80c in husband ITR ?
14 July 2022
Yes, provided you get the receipt in your name.
14 July 2022
If Receipt is the name of his wife, then?
14 July 2022
Husband won't get deduction u/s. 80C of the act.
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