Pin Money to Wife

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2010 A salaried Person (Salary 30000 pm) transfers Rs 5000 every month to his wife,s bank Account. The wife saves the whole amount and creates FD out of it. Whether the Interest on such FD will be Clubbed in the income of the husband.

Rahul Gupta

Rahul Gupta (Expert)
Follow

28 May 2010 Yes. It will be clubbed in the hands of the husband.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

28 May 2010 AGREED.

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2010 If She saves 3000 out of it and invest in FD.

Whether the case will be the same. Because as known to me that income arising though Assets purchased out of PIN money is not Clubbed.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

28 May 2010 PIN money is what , ie. it is for expenses. If she saves Rs.3000/ i.e you have pay more . i.e it is tranfer of income . Hence in this case also , income will be clubed.

Rahul Gupta

Rahul Gupta (Expert)
Follow

28 May 2010 Agreed with Mr. Bansal.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

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

Binod Singh

Anju Susan

Pranab Banerjee

Anoop

Vivekanand Sagar

Subscribe Now

Pin Money to Wife

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA