Gift of Money to Wife & Liabilty Under I T Law

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 [...]

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

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 [...]

When A Wife Can Not Be Taxed For Her Earning?

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 [...]

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

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 [...]

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

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 [...]

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

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 [...]

Is Gift by HUF to Its Member Tax Free?

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.com
The gift of Rs 50000 by one person to another person without consideration is tax free in hands of [...]

How to Give Gift to An NRI Without Any Problem!

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 [...]

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

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 [...]

What will be the tax implication in case father in Law transfers shares to his daughterinlaw?

Some one asked on moneycontrol … replied by me The capital gains or loss shall be taken for computation of income of father in law and not the daughter -in -law .The clubing provision u/s 64 of the I T Actwill come into play.

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