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
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.
CAclubindia
