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.
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