wealth tax
This query is : Resolved
27 December 2010
Karan made a gift to Sujata during their engagement which took place on 15th May, 2008. After their marriage which was held on 15th June, 2008, they decided to live apart owing to some reasons and they obtained a legal divorce on 15th September, 2008. Whether transfer made on 15th May, 2008 be included for wealth–tax purposes in the hands of Karan ?
28 December 2010
Dear Prabhu
Irrespective of being lived apart gift made by karan to sujata will not be included in the hands of karan for the purpose of wealth tax purpose, as gift is given prior to marriage. As wealth tax act specifies transfer made to spouse. During the time of engagement karan and sujata are not considered as spouse.
This gift will be included in the hands of sujata only.
Note: Asset gifted should be Asset as specified u/s 2(ea) of wealth tax act.
Irrespective of being lived apart gift made by karan to sujata will not be included in the hands of karan for the purpose of wealth tax purpose, as gift is given prior to marriage. As wealth tax act specifies transfer made to spouse. During the time of engagement karan and sujata are not considered as spouse.
This gift will be included in the hands of sujata only.
Note: Asset gifted should be Asset as specified u/s 2(ea) of wealth tax act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
