income tax on wholly depended wife's name investment

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  1. surendra kumar

    surendra kumar New Member

    I am a PSU salaried employee.My wife is wholly depend on me and she has no any other source of her income.

    If I invest on her name in banks,mutual funds and property and any gain occurred in future ,what will the tax liability? These gains/income will club with my income or not. Can I avail the benefits of any exemptions on these gains/income.
     
  2. VAIBHAV DILIP RANE

    VAIBHAV DILIP RANE Active Member

    @surendra kumar ,...

    It is advisable to hold PAN of your Spouse,... If your wife has a PAN,... than she can access her Income Separetly, whatever she earns in her name,...

    You can Gift your wife any amount in Rs. it is totally Tax Free,... you can gift her in any form- FD, MF, Property,... In her own Name only ,...

    And in Future if any Income / gain arise - it will be Assess in her PAN,.. and not shall be club with yours,...

    If your wife Net Total Income is less than 200,000 Rs. from such Investment / Property - than it is Not Taxable... as per Slab Rates,...

    Rest you can concern a CA for any more Details...
     
  3. jagmohan singh

    jagmohan singh New Member

    U/S 64 (1)(iv): If an income received from an assest which has been transferred directly or indirectly by the spouse without adequate consideration or without an agreement to live apart shall be clubbed in the hands of transferor subject to the provisions of section 27(1).Accordingly, the income of ur wife would be clubbed in ur hand.
     
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