Clubbing the income of wife with myself

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saxena25

Others

43 Points Posted on 30 June 2013

Hi Team

Myself and my wife having seprate PAN cards in our name , I have short term gain from shares
I will pay 15% tax on that as I am a pensioner & senior citizen , my wife is home maker and having no other source of income , she has also income from short term gain upto rs 24,000 , Can I club it with my short term gain while filling the tax return for this year . , Please clarify

Replies (2)

CA Vinay parmar

Chartered Accountant

1012 Points Posted on 30 June 2013

Saxenaji,

You cant club any income like that only, Clubbing provision is attracted only when you have transferred some assets to your spouse and if she had earned income on that and if minor earned income than it get clubbed.

Assuming the Short term capital gain made by your wife is on her own amount of investment, the same will be consider in her income only. As you your wife doesnot have any other income during the year. there is no need to file any income tax return for that, the same is not mandatory if your total income does not exceed the exempted tax slab (i.e. in case of senior citizen upto 2.5 lacs).

and in your case you will be liable to pay 15% on short term captial gain only if your taxable income exceed 2.5 lacs.

@sh jais

live the life otherwise life leaves u...

631 Points Posted on 30 June 2013

Originally posted by : CA Vinay parmar
	Saxenaji, You cant club any income like that only, Clubbing provision is attracted only when you have transferred some assets to your spouse and if she had earned income on that and if minor earned income than it get clubbed. Assuming the Short term capital gain made by your wife is on her own amount of investment, the same will be consider in her income only. As you your wife doesnot have any other income during the year. there is no need to file any income tax return for that, the same is not mandatory if your total income does not exceed the exempted tax slab (i.e. in case of senior citizen upto 2.5 lacs). and in your case you will be liable to pay 15% on short term captial gain only if your taxable income exceed 2.5 lacs.