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clubbing of income
sir/mam i have brother i gifted 150000 cash to wife of my brother she deposited in sbi and she received an interest of 2350 is it exempt income or taxble .and 150000 under 56 IFOS of income tax act it is exempt but - 2350 if taxble in which hands
Replies (5)
If the gift is irrevocable transfer then the interest income will be taxable in hands of brothers wife
interest 2350 is taxble ? and 150000 is exempt under IFOS relative definition covers
Yes sec 56(2) brother's wife falls in the definition of relative
150000 is exempted in the hand of brother's wife and interest taxable as explain by Mr. Manish manu
150000 is exempted in the hand of brother's wife and interest taxable as explain by Mr. Manish manu
Brothers wife falls under the definition of relative as such there is no tax impact on gift of Rs. 1,50,000/-.
Interest of Rs. 2,350/- is taxable in hand of Brothers Wife
Interest of Rs. 2,350/- is taxable in hand of Brothers Wife
thanq so much to all
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