Friends,
If the income from gifted amount of spouse is already suffered tax in receipients hand, then what about clubbing provisions u/s 64? whether once again that income to be clubbed & added in the income of the donor?
Please help me..
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regarding clubbing provisions u/s 64 of income from gift?
Replies (3)
Dear sir... can u please elaborate your question a bit...
one thing for sure.. if income has suffred tax liability once in case of gift it will not face second liability...
WIth Regards,
Bhavik
| Originally posted by : Bhavik Davda | ||
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Dear sir... can u please elaborate your question a bit... one thing for sure.. if income has suffred tax liability once in case of gift it will not face second liability... WIth Regards, Bhavik |
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Dear Bhavik,
Suppose if the wife received Rs 10 lakhs gift from her spouse and deposited the same in Bank and the interest on FD is being decalared in her return of income and paid tax for the same, then what about clubbing provisions u/s 64? whether it will not face second liability...?
Interest income should have been clubbed in your income but has been declared by your wife and taxed accordingly.
You can file revise return showing correct computation of your income.
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