Gift / Loan to Wife

Tax queries 995 views 7 replies

Jignesh

41 Points Joined May 2008

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 !!

Replies (7)

Sachin

Chartered Accountant

419 Points Joined November 2008

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

CA CS Bhumika Thakkar

CA CS

1618 Points Joined January 2008

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 Joined February 2008

hmm...rit

CA JAIMIN TRIVEDI

C.A.

308 Points Joined February 2009

agree with bhumika

Nitin

ASM

30 Points Joined December 2008

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?

Sunali

Learner

1317 Points Joined August 2008

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 Joined November 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..	"