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Gift / Loan to Wife

Jignesh (T) (41 Points)

13 April 2009

Hi,

I transfer 20k every month to my wife a/c (online) for her personal use.

Is this amount considered a "Income" for her and thus taxed !!

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7 Replies

Sachin (Chartered Accountant) (419 Points)
Replied 13 April 2009

Dear Jignesh,

No Income Tax will be attract on this amount. write me any query related to taxation. my email id is sachinagarwalcallb @ gmail.com

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CA CS Bhumika Thakkar (CA,CS) (1618 Points)
Replied 13 April 2009

no not considered as income...bt if she invests dis amount n gets sum interest or other income frm dis,den dat particular income will be included in ur income i.e it will be clubbed n taxed 2 u..

kaustubh (CA, CS , CFM) (293 Points)
Replied 13 April 2009

hmm...rit

CA JAIMIN TRIVEDI (C.A.) (308 Points)
Replied 13 April 2009

agree with bhumika

Nitin (ASM) (30 Points)
Replied 06 December 2009

Originally posted by :Jignesh
"	Hi, I transfer 20k every month to my wife a/c (online) for her personal use. Is this amount considered a "Income" for her and thus taxed !!	"

Hi Friends

In case i loan the same amount to wife & recieve a regular nominal (4-5%) interest from her on the loan amount, will the income she make from investing this money be still taxable at my hands?

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Sunali (Learner) (1317 Points)
Replied 06 December 2009

Originally posted by :Nitin
"	Originally posted by :Jignesh " Hi, I transfer 20k every month to my wife a/c (online) for her personal use. Is this amount considered a "Income" for her and thus taxed !! " Hi Friends In case i loan the same amount to wife & recieve a regular nominal (4-5%) interest from her on the loan amount, will the income she make from investing this money be still taxable at my hands?	"

No, it won't be..

Ansari (ca final) (444 Points)
Replied 06 December 2009

Originally posted by :Sunali
"	Originally posted by :Nitin " Originally posted by :Jignesh " Hi, I transfer 20k every month to my wife a/c (online) for her personal use. Is this amount considered a "Income" for her and thus taxed !! " Hi Friends In case i loan the same amount to wife & recieve a regular nominal (4-5%) interest from her on the loan amount, will the income she make from investing this money be still taxable at my hands? " No, it won't be..	"