Spouse income clubbing
This query is : Resolved
27 June 2008
Husband's(H) gross income is much higher than wife's gross income. Wife(W) gives her professionally earned money to Husband (H). H opens FD with bank & invests remaining part of that money in stock markets on his name. Bank deducted TDS with H PAN and all transancation done in stock market are with H PAN.
Is there anyway that the income from FD and stock market investments can be reasoned as belonging to W for income tax purpose? Please note that H's individual gross income is higher than W's individual gross income.
Is there anyway that the income from FD and stock market investments can be reasoned as belonging to W for income tax purpose? Please note that H's individual gross income is higher than W's individual gross income.
27 June 2008
No. It is not possible.
27 June 2008
As the money given by W to H is gift & the money was earned by W with her professional skills, doesn't the section 54 income tax clubbing rule apply here? If yes, then W may be responsible for income tax on invested income.
28 June 2008
closed
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