"You can gift money to spouse anytime and spouse can give you gift anytime. So if you gifted some money to spouse and spouse gifts it back to you not an issue....." Gifts between spouses (Huband to wife , and Wife to husband) can happen any number of times provided clubbing provisions always apply in the hands of Donor.
Kindly confirm whether my above understanding is correct? Kindly confirm.
if one club his and his wife income for purpose of taxation then it is correct else not
as husband and wife are 2 seperate individual
Between husband and wife, Section 56 which seeks to tax gifts has no application. Clubbing u/s 64 would apply provided some income is earned out of it.
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