Sir,
I give 5000 p.m to my wife for her expenses. But wife saved 3000 p.m out of this Money. This 3000/- she has used to buy mutual funds.
My query is whether wife has to show 5000/- in her income.
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Money given to wife for expenses --tax query
Replies (2)
i think any income that arises out of this money that she gets is taxable
5000/- is not taxable. becoz same is already taxable in ur hand so if same is shown as income of her than there is double taxation.
You are just giving money to her of expenses, but any income derived from mutual fund is taxable in her hand.
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