Amaranath (Asst.) 14 June 2021
Sivaramaraju G (Learner) 14 June 2021
Shankar Rugge 15 June 2021
husband gift if kept fd then int is clubbed with husband. But int on int is not clubbed
Jonoy (B.Com, CA Final) 15 June 2021
As per Section 56 of the Income Tax Act Gifts received from relatives are exempt from tax. Relative includes--spouse, brother or sister, brother or sister of the spouse, brother or sister of either of the parents, any lineal ascendant or descendent, any lineal ascendant or descendent of the spouse, spouse of the persons referred above.
Shankar Rugge 16 June 2021
Yes. Gift received is not taxable. But income arising out of GIFT when invested in FD etc is clubbed with the husband income in case of gift to spouse if she happens to be housewife with no source of income.
veerendar singh (tax consultant) 16 June 2021
Shankar Rugge 17 June 2021
she can consider it as loan and start doing share trading or any other business or buy something for her. Other way is she can make fd and reinvest its int. Int earned on int is her income which she can use it the way she wants