POSTED BY January 9, 2014 1:22 pm COMMENTS (5)ON
I checked on net. I found that “If you gift money to your wife , there is no tax implication. However if this is invested, the earning will be considered as the persons income for the year”
But I also found that “The clubbing happens only at the ’1st level of income’, If this money is reinvested and earns income, it will be considered as wife’s not the person’s income”
How this 1st level of income is defined?
What is time minimum time horizon of this 1st level of income?