POSTED BY March 18, 2015 3:50 pm ONE COMMENT
ONI am a taxpayer. My income after income tax, I give to my wife which in turn she invests in shares. There are two scenario i) income/loss on selling shares after STT and one year time period second ii) income/loss from selling the share within 1 year after STT
When filing income tax return for spouse, How to declare the money got from husband as source of income ( which is already income taxed by husband)
Can you explain this aspect.
2021 © Jagoinvestor.com All Right Reserved
In tax return, there is a provision for exempted income. The income from you, if it were a gifted, be shown under that section. Gifts from immediate relatives are exempt from tax. But if you give a big sum to your wife, clubbing provision kicks in and the income generated from that money is clubbed to your income.