Categories
Pagination Scroll
Sunil Sahoo

Category : Clubbing..,
Solved
How can clubbing be avoided in cases of gift to non working wife/spouse...can you guide further on this
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Section 60 to 64 speak of clubbing of income
There are different ways where you can save on some of the taxes when incomes are clubbed.

a.) Interest on Interest:
In case you earn a lot of money while your Spouse has zero income, you can benefit from investments made in his/her name. The interest earn...
Sunil Sahoo

Category : Clubbing..,
Solved
I want to know two things regarding clubbing of income
1.) If grandfather decides to gift any money to his niece/nephew, will there be any clubbing of income
2.) If father gives money to his son/daughter will there be any clubbing of income

Can you please mention the cases wherein there shall be cl...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Good question , for these we will refer section 56(2) which defines list of relatives and section 60 to 64, which deals with clubbing of income in certain combinations of gift given to relatives

In your particular cases, both relationship ( niece and parent ) fall in the realm of relative ...not...
Ritesh kumar srivastava

Category : Clubbing..,
Solved
Hi Amlan,
pls guide on the scenario where husband give away loan of 5lakh with nominal interest (to avoid clubbing provisions) to non earning wife for start of her small business to be engaged in daily life such as sewing/computer classes (not registered) or share market trading/investment to generat...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
Firstly be very careful to document the loan...No intimation is required to be given to the Department by either you or your wife , the ITR credentials will be sufficient .....Note that it is not be shown as gift in any event else income from the gifted amount shall be clubbed to your income invokin...
sravan

Category : Clubbing..,
Solved
I am transferring 5 lac amount every year to my wife's account from which she is using for 1.5 lac in Sukanya account, 1.5 lac in PPF and 2 lac for household expenses. For filing itr-1, whether she need to show 5 lac amount as exempt income (gift income) plus interest income for savings and FD or el...
  • Show Placeholder
  • Hide Discussion
Amlan Dutta
I will answer this in details .......The provisions relating to gift tax have been dealt with under Section 56(2)(x) of the Income-tax Act, 1961. As per the law as it stands today which was amended in 2017, gift received by any person by any person or persons are taxed in the hands of recipient unde...