Taxability on gift and income thereon

This query is : Resolved

Sanju (Querist)
Follow

17 March 2015 There is need of Cash in my Proprietorship Firm of about Rs. 15 lakhs.

There are 2 questions:
1) I want to know whether I can show Gift received from either of the below persons and Invest in my Sole Propreietorship:
a) Mother
b) Wife

Note:- There is enough capital/Fund Standing in their names.

2) My CA said that "don't show gift received from Wife above Rs. 1 Lakh" to which i am confused. He also said that "Gift from WIfe has many restrictions"
Is there any statutory provision or any case law regarding this limit of 1 lakh or any other reason behind such advice of my CA?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

17 March 2015 You can safely take gift from mother since no clubbing provisions will be applicable but if you take gift from your wife than income earned from business by you out of funds borrowed from your wife will be clubbed in the hands of your wife as per section 64.

Sanju

Sanju (Querist)
Follow

17 March 2015 SO, will there be double taxation of the Income??

and if not then as per you I can enjoy the TAx Slab benefit on the AMount so clubbed in the hands of my wife.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

17 March 2015 01. No doube taxation. The income clubbed under your wife's income shall not be included in your income.
02. you can try the option of LOAN (Interest free) for your above mentioned query.

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

Dhananjay Singh

Hmr Babu

Mikilesh Shah

CA Jyoti Singh

Phani

Subscribe Now

Taxability on gift and income thereon

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

Article Assistant

CA Final