Please Help: Income tax
Posted Date : 29-Apr-2012 , 11:57:53 am | Posted By Vikash Kumar Jha
X is a NRI. If he give 5lakhs as a gift to his wife from His NRE account & in turn his wife invest this amount in small savings as MIS/KVP. I want to know who will be liable to pay the tax from the interest of these savings.
Category : Income Tax | Answers : 3 | Comments : 1 | Hits : 215
Answers
Answer By: CA Satuti Mahajan
The income shall be clubbed in the income of Mr. X.
Answer By: Rishabh Upadhyay
Income is to be clubbed in the hands of Mr. X
Answer By: Rambabu Senkarasetti
income shall be clubbed in the hands of Mr.X
Comments
riddhi
30-Apr-2012 , 12:04:37 pmInterest income is to be clubbed in the hands of Mr.X but when the said interest income is invested again, then income arrising from that interest income which is being invested will not be be clubbed and will be taxable in the hands of wife.