tax treatment for PIN money
This query is : Resolved
14 April 2010
Is the amount given by husband to his wife for her expenses taxable?
14 April 2010
YES. IT IS TAXABLE.
14 April 2010
Here wife received the money without consideration. So it can be treated as a gift. If that view is considered, proviso to section 56(2)(vi) can be applied. Consequently wife need not pay income tax on PIN money.
14 April 2010
GOOD POINT SIR. AGREE.
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