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Can one show rent from house owned by husband in wife’s name ?

May 18, 2010 By taxworry Leave a Comment

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Excerpt: I am a employee in a pvt. ltd. co in Pune and have property jointly held with my wife.There is no home loan and I want to let our this property & receive rent in my wife’s name. The Leave & License Agreement will be on my wife’s name.She is a housewife and doesn’t have any other source of income.Pls. guide me from IT point of view. Can I show Rent Income (Income from House Property) in her name and file her returns?? Will this income be clubbed in my income. (I am earning employee and filing my tax returns;…

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Gift of Money to Wife & Liabilty Under I T Law

March 17, 2009 By taxworry Leave a Comment

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Excerpt: I had received a big amount from my NRI husband. 1) I have a PAN card but don’t fill return .Is there any need to file a return 2) If I invest the gifted money in FD ,will there be any tax deduction at source or3) Do i have to show the interest earned in my return as income will it be taxable what is method of tax deduction on FD earned interest. 4.) if yearly my interest is less than 2 lacs do i have to file return and can i get back the TDS deducted at source. plz…

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Filed Under: Clubbing of Income, Gift Tagged With:

Who Will Be taxed For Interest On Fixed Deposit In Wife’s Name Made By Husband ?

October 30, 2008 By taxworry 1 Comment

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Excerpt: Mr.ABC gifted R.3.00 lacs to his wife. His wife invested the amount in a FDR for 15 months @ 10% on 01.04.06. The interest on FDR has been clubbed in Mr.ABC for the year 06-07 and 07-08 and returns filed. The FDR matured on 30-06-07 and the proceeds were invested in Gold. The Gold was sold on 01.04.08 for Rs.3.00lacs and sale proceeds was again deposited for six months @ 10%. How long the clubbing provisions are to be applied and income to be clubbed in Mr.ABC’s income.Whether the same law applies  for Gift to HUF also, in place of…

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Filed Under: Clubbing of Income

When A Wife Can Not Be Taxed For Her Earning?

July 15, 2008 By taxworry Leave a Comment

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Excerpt: I am a resident Indian, housewife, not employed. For FY 2007-08, I received an amount more than Rs.1,45,000 from my husband, who is an NRI, as gift through regular banking channels, all of which I have invested in shares. I have sold off some of these for a net profit of around Rs.550/-(before 1 year of acquiring these). I have no other source of income. Am I liable to file a return and if so in which form and what is the last date for the same?Sreela Mahambare , PuneGift from husband is completely tax free , as…

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Filed Under: Clubbing of Income

Is Painting Gifted By Father~in~ Law Taxable On Its Sale ?

March 14, 2008 By taxworry Leave a Comment

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Excerpt: Sir, my father in law is a renowned painter and he gifted me some painting at the time of my marriage around 9 years back.. though no paper work for the same was done for the same at that time… though he is still alive and can give me the same in writing. This year in Jan one of the painting was sold in a auction .. I want to invest the same in a house by investing the same in capital gain account ….please guide me am I allowed for the deduction and how to go about it ?…

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Filed Under: A of Your Question, Clubbing of Income, capital gains

Can Husband Claim Deduction Of Interest On Loan Used For Buying House In Name Of Wife?

February 11, 2008 By taxworry Leave a Comment

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Excerpt: We have bought a house in my name.I am a house wife with no income.The loan is taken in my name.My husband pays the EMIs towards the loan.Can my husband claim this amount as deduction from his taxable income. Seema , Chennai Since you have no source of income and the house is constructed /bought in your name by the money of your husband and loan being repaid by your husband, the income from such property should be assessed in your husband’s name only as you are only Benamidar of the property. There are clear provisions under…

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Filed Under: A of Your Question, Clubbing of Income, House Property

Transfer of Property Without Adequate Consideration To father Does Not Come Under Clubbing Provison.

May 16, 2007 By taxworry Leave a Comment

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Excerpt: I bought a house on loan in May 2006 and wish to let out this house on rent next month. Myself and my father are co-owners of this flat. Please advise, 1. if such rent receivables will be taxed and 2. How whether such rent will be clubbed with my total salary income and taxed as per the new taxation guidelines or will be taxed separately ?snehal.gandhi@patni.comThe rent receivable will certainly be taxable income computed in accordance with section 23 read with section 24 of the I T Act.The only debatable issue in your question is whether whole of…

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Filed Under: A of Your Question, Clubbing of Income, House Property

Is Gift by HUF to Its Member Tax Free?

May 4, 2007 By taxworry 1 Comment

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Excerpt: Can a HUF give gift of over 25,000 by cheque to one of its coparceners without attracting any gift tax liability? Will the income generated from this gift attract clubbing in the hand of HUF file? rajeevgupta7@yahoo.comThe gift of Rs 50000 by one person to another person without consideration is tax free in hands of donee (person who received gift) provided total gift received in a year is less than Rs 50,000.This is as per section  56(2)(vi) of the I T Act. Therefore , Rs 25,000 given by HUF to its coparcener is tax free if the coparcener .Your second…

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Filed Under: A of Your Question, Clubbing of Income, Gift Tagged With:

How to Give Gift to An NRI Without Any Problem!

March 21, 2007 By taxworry Leave a Comment

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Excerpt: My son is an NRI and working in the US. Can I give him a gift of Rs. 5 lakhs from my retirement benefits and deposit the same as a Fixed Deposit in bank in his name as a joint account with my name as second depositor.? What will be his or my tax liability on the interest earned? What form is to be filled by him (Form 15G?) to avoid tax deduction at source? pevenugopal@hotmail.comRelax! You can give any amount of gift to any body who is your relative ,not alone your son, without any implication of tax either…

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Filed Under: A of Your Question, Clubbing of Income, non-resident

Exemption Can Not Be Claimed if House is Purchased in Relatives Names!

February 27, 2007 By taxworry 1 Comment

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Excerpt: Mr XYZ sold a house which was in solely in his name. To save capital gain tax, Mr XYZ deposited money in the capital gain account with a bank.Now Mr XYZ wants to buy a house, in which the first owner is the daughter in law of Mr XYZ and the second owner is the wife of Mr XYZ. Both daughter in law and wife are housewives.The query is: If Mr XYZ invest the money (which he got by selling the above property) in the house that will be in the name of daughter in law and wife. Will Mr…

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Filed Under: A of Your Question, Clubbing of Income, House Property
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