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Clubbing of income

mohammedshafi shaik (60 Points)

05 January 2020

husbend give 10 lakhs gift to wife .who pay the tax on 10lakhs .

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5 Replies

Karan Singh (13 Points)
Replied 05 January 2020

Proviso to S.56(2)(x) explains gift received from relative is exempt

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 05 January 2020

The gift is exempted in the hands of receiver (wife).

In husband's view it's his income. e related activities like if he is taxpayer then he already showed/shiwn in his return...

Karan Singh (13 Points)
Replied 05 January 2020

HUSBAND has to pay tax on 10lakhs but wife is exempted.

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 05 January 2020

Yes... I said the same.

Kapadia Pravin (17264 Points)
Replied 05 January 2020

Nobody (neither husband nor wife) has to pay any tax on Rs 10 lakhs as it is exempt.

However income arising to wife (out of 10 lakhs gifted by husband) will be clubbed in the income of husband for a lifetime. (as per current provisions)