Loaning amount to spouse
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 January 2017
Dear CAclub
I am a salaried person and my wife is a home maker. She wants to start trading in Stock market. If I gift her 2.5 Lacs for the above purpose, then her gains will be clubbed with mine which I don't want. Hence, is it legal to loan an amount to my wife so that her earnings out of it are not clubbed with mine? If yes, what is the exact procedure for Loaning the amount to her?
Regards
I am a salaried person and my wife is a home maker. She wants to start trading in Stock market. If I gift her 2.5 Lacs for the above purpose, then her gains will be clubbed with mine which I don't want. Hence, is it legal to loan an amount to my wife so that her earnings out of it are not clubbed with mine? If yes, what is the exact procedure for Loaning the amount to her?
Regards
28 January 2017
You may give loan to her by cheque and show the loan amount in your statement of affairs.
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 January 2017
Dear Abhishek, thanks for the guidance. Do I need to execute any loan agreements or such thing otherwise how does it differentiate from normal money given to my wife.
28 January 2017
No it will suffice if you and your wife show the sum as loan in each other's statement of affairs. Loan amount is to be given by cheque so bank account of both shall also be evidence of loan and wife may repay the same from time to time from her bank account through cheque.
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28 January 2017
No it will suffice if you and your wife show the sum as loan in each other's statement of affairs. Loan amount is to be given by cheque so bank account of both shall also be evidence of loan and wife may repay the same from time to time from her bank account through cheque.
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