Loan to wife
This query is : Resolved
DINESH KUMAR
(Querist)
30 October 2011
I AM A GOVT.EMPOLYEE. I HAVE GOT A MATURITY OF LIC POLICY.I HAVE GIVEN ENTIRE AMT.TO WIFE AS LOAN BY CHEQUE.MY WIFE HAS FIXED IT IN BANK & SHE IS ALSO AN ASSESSEE. WHETHER THE INTT.AMOUNT WILL CLUBED IN MY INCOME OR IT WILL BE THE INCOME OF WIFE? WHAT ARE THE TAX IMPLICATION ON SUCH INTT.AMOUNT IN FUTURE.
CA PARAS BAFNA
(Expert)
30 October 2011
Interest of FDR can be clubbed with your income. ( Section 64(iv))
DINESH KUMAR
(Querist)
30 October 2011
AS PER MY KNOWLEDGE ,AN ASSESSEE CAN GIVE ANY AMOUNT TO HIS WIFE AS LOAN.THEN HOW THE INCOME ON THAT LOAN WILL CLUBED
CA PARAS BAFNA
(Expert)
30 October 2011
Then..this can be treated as a case of transferring the income without transferring the asset.
If you charge interest on such loan then only you can feel free.
If you charge interest on such loan then only you can feel free.
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