Gift to spouse practicla issue

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Rupesh Soni

Taxation Consultant & CA final student

504 Points Joined September 2009

To provide finance to my Wife & avoid Clubbing payemnt Mode-Cheque trf If I Gift Rs 10 lakh to my Fathr in law...& My Fathr in law gift that 10 lakh to my wife.... gift from relative exmpt But My wife make fdr with Bank @ 8% is Clubbing apply for interest in my income?? Reply it thanxx

Replies (1)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

no.... clubbing shall not apply. but there is a possible chance that you receive a notice u/s 147 for income escaping assessment because the situation clearly shows that funds have been transfered for evasion of tax.