Cap gains clubbing

Tax queries 566 views 2 replies

Suresh Kumar

prop

44 Points Joined June 2009

After having paid my cap gains on sale of immovables

1. Can I gift 15 laks to my spose? The amount would be used for her to pay her bank debts and therefore there would be no income generated from that money. Is the gift tax exempted? Can it be used to pay of loans by her. Is the matter closed? or does any accountability continue?

Thank you

Replies (2)

CA Nitin Wadhwani

Chartered Accountant

4469 Points Joined April 2008

You can gift her and clubbing provisions will attact only if there is only income.

Gift tax is abolished.

Guest

Originally posted by :Suresh Kumar
"	After having paid my cap gains on sale of immovables 1. Can I gift 15 laks to my spose? The amount would be used for her to pay her bank debts and therefore there would be no income generated from that money. Is the gift tax exempted? Can it be used to pay of loans by her. Is the matter closed? or does any accountability continue? Thank you	"