Only interest -income of my spouse
This query is : Resolved
27 July 2017
I AM A RETIRED EMPLOYEE HAVING SUBSTANTIAL INTEREST INCOME ON BANK DEPOSITS WHICH ARE TAXABLE @ 20%.
MY SPOUSE DO NOT HAVE ANY INCOME.
NOW SHE HAS OBTAINED IT-PAN.
I WANT TO GIFT SOME MONEY TO MY SPOUSE SO THAT SHE WILL NOT BE IN A BRACKET OF IT OR IN ALTERNATE SHE WILL PAY SOME TAX FOR ONE YEAR TO ENABLE HER TO FILE IT RETURN AND IN SUBSEQUENT YEAR BRING IT UNDER EXEMPTED FROM FILING IT RETURN..
THUS I WILL ALSO SAVE SOME TAX PAYMENT.
WHETHER IS IT PROPER AS PER IT LAW..
MY SPOUSE DO NOT HAVE ANY INCOME.
NOW SHE HAS OBTAINED IT-PAN.
I WANT TO GIFT SOME MONEY TO MY SPOUSE SO THAT SHE WILL NOT BE IN A BRACKET OF IT OR IN ALTERNATE SHE WILL PAY SOME TAX FOR ONE YEAR TO ENABLE HER TO FILE IT RETURN AND IN SUBSEQUENT YEAR BRING IT UNDER EXEMPTED FROM FILING IT RETURN..
THUS I WILL ALSO SAVE SOME TAX PAYMENT.
WHETHER IS IT PROPER AS PER IT LAW..
27 July 2017
Interest thus earned by wife will be clubbed with your income u/s 64(1) meaning thereby you can't reduce your tax liability as proposed.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- Annual return in Gst
- When TDS on GST applied
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
