Pin money

This query is : Resolved

Share Report Follow Query Ask a Query

Milan Gupta

Milan Gupta (Querist)
Follow

20 April 2013 What is pin money?

is pin money taxable?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

20 April 2013 Pin Money means "A reasonable allowance given to the wife by her husband for her dress and usual household expenses"

Pin Money is not Taxable.

u/s 64(1) (iv) of the Income Tax Act-1961, any income arising from assets transferred to spouse without adequate consideration is taxable in the hands of the transferor and not in the hands of transferee. However, if asset is acquired by the spouse out of pin money (i.e., a reasonable allowance given to the wife by her husband for her dress and usual household expenses) then the income from such assets cannot be clubbed with the income of her husband. [R.B.N.J Naidu Vs CIT (1956) 29 ITR 194 (Nag) and R.Dalmia Vs. CIT (1982) 133 ITR 169 (Delhi).]

Message likes : 1 times

Milan Gupta

Milan Gupta (Querist)
Follow

21 April 2013 If she invest in fd and get interest then?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

21 April 2013 Than Interest on FD will be taxable in the hands of Wife.

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Anant Kuber

Aayesha mulani

Vishal Kapadiya

Rakesh Maner

THUSHAR MURALI KRISHNA

Subscribe Now

Pin money

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Article Assistant

GST CONSULTANCY

CA Final

Accountant

Manager- Finance and Compliance

Senior execiutive