Can I give loan to wife to protect clubbing of income?

POSTED BY dkkatariya ON January 6, 2014 8:58 am COMMENTS (4)

Can I give loan to wife to protect clubbing of income? please tell me with example

4 replies on this article “Can I give loan to wife to protect clubbing of income?”

  1. ashalanshu says:

    Dear Dkkatariya, you may opt 1% but do note Income Tax people always look such transactions with a detailed eye and you may found yourself in trouble.

    Thanks

    Ashal

  2. dkkatariya says:

    Thanks !
    Dear Ashal,
    If I take Loan interest is very less amount say @ 1%( No particular Rate of interest defined I think as per law) & my wife invest in same amount in FD, its possible to save Amount FD interest OR I kept Gold ornament in place of said Loan & give interest free loan to my wife?
    Regards
    D.K.Katariya

  3. dkkatariya says:

    Thanks
    Dear Ashal,
    If I take Loan interest is very less amount say @ 1%( No particular Rate of interest defined I think as per law) because & my wife invest in same amount in FD, its possible to save Amount FD interest OR I kept Gold ornament in place of said Loan & give interest free loan to my wife?

  4. ashalanshu says:

    Dear DKKatariya, you can loan to your wife but the interest received from your wife against such loan ‘ll be your taxable income. The earning to your wife from the loan amount ‘ll be her income. How do you want to save tax here?

    thanks

    Ashal

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