Gift to Wife

1)Can a person gift money to his spouse without attracting Sec.64 of the Income Tax Act ? Note that the person does not genuinely would want to have any right over the money given to his spouse

 

2)A person has given money to his wife. The wife invests the money in NSC. In the given case Section 64 of Income Tax is attracted for the interest accrued on NSC. I would like to know whether the person can claim deduction u/s 80C for the money invested in NSC. Note that the NSC certificates are in the name of his wife.

 

Kindly answer pointwise in the order question is being asked.Thank you.

Replies (1)

Hi Anil..

Yes Sec.64 is attracted in this case as husband is gifting Money which is invested by wife in NSC which generates Interest ,which will be clubbed with income of husband and is taxable...

Hey but no need to worry because annual accretion (interest) on NSC is presumed as reinvested and the husband can claim deduction u/s 80C.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
25 August 2026
Senior Accountant

MG Associates

New Delhi

CA Inter

View Details
Company
08 September 2026
Audit Executive

Thammana & Associates

Srikakulam

B.Com

View Details
Company
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER

Anupam Parashar & Co.

Ghaziabad

CA Final

View Details
Company
ARTICLESHIP 24 August 2026
Chartered Accountant Articles

Rohit KC Jain & Co

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
CA Article Assistant/CA Drop Out/Accounts Executive

PARV & Co.

New Delhi

CA Inter

View Details
Company
08 September 2026
Semi-Qualified Assitant

Subrahmanyam & Sivudu CA Firm

Hyderabad

CA Inter

View Details
Company
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details