Menu
Gift
if i had gift to spouse rs.300000/- by chq
if she use it in her profession.is any clubbing prov applied?
Replies (3)
Dear Rupesh soni
there are two provisions would apply to your question i.e. 56 (2) and 64 (1) (iv)
as per section 56 (2) , these 3 lac is not taxable in the hand of spouse because it is a gift from relative (make sure that gift deed has been prepared)
as per section 64 (1) iv, if your spouse start business by these 3 lac than that income will be taxable in your hand even profit remains in the hands of spouse.
but if she invest 4 lac i.e. 3 lac yours and 1 lac own, than income will be taxable in the proportion of 3:1
(there is more explanations also but i have given in short for your reference)
yaaa....I know.. thank you
in stead of spouse i give cheque to Major Son Rs.300000/- as gift thn he use it In His business..
is clubbing apply?
same provision would apply as i described before
Recent Topics :
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
Related Topics :
CAclubindia
