Is the following statement CORRECT? Kindly confirm

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71 Points Posted on 12 May 2010

 

Dear All,

 


Is my understanding is correct?



 "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.

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On 12 May 2010 at 13:37 Report
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CA - FINAL
138 Points Posted on 31 July 2010

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

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On 31 July 2010 at 07:46
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Management
325 Points Posted on 31 July 2010

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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On 31 July 2010 at 13:46

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