How to declare source of income for spouse when she gets money from husband ?

POSTED BY j_jeypal ON March 18, 2015 3:50 pm ONE COMMENT

I 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.

One reply on this article “How to declare source of income for spouse when she gets money from husband ?”

  1. ap16j55 says:

    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.

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