banner_ad

clubbing of income

Others 204 views 5 replies
User Avatar

223 Points Posted on 11 November 2018
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
0 Reply Share Follow
On 11 November 2018 at 08:15 Report
Replies (5)
User Avatar

198 Points Posted on 11 November 2018
If the gift is irrevocable transfer then the interest income will be taxable in hands of brothers wife
Reply
On 11 November 2018 at 10:02
User Avatar

223 Points Posted on 11 November 2018
interest 2350 is taxble ? and 150000 is exempt under IFOS relative definition covers
Reply
On 11 November 2018 at 10:08
User Avatar

Article
1276 Points Posted on 11 November 2018
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
Reply
On 11 November 2018 at 10:11
User Avatar

198 Points Posted on 11 November 2018
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
1 Reply
On 11 November 2018 at 10:11
User Avatar

223 Points Posted on 11 November 2018
thanq so much to all
Reply
On 11 November 2018 at 10:14


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details