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Clubbing of income
husbend give 10 lakhs gift to wife .who pay the tax on 10lakhs .
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Proviso to S.56(2)(x) explains gift received from relative is exempt
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...
In husband's view it's his income. e related activities like if he is taxpayer then he already showed/shiwn in his return...
HUSBAND has to pay tax on 10lakhs but wife is exempted.
Yes... I said the same.
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)
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)
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