Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Aug 02, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by Prasanna on Jun 30, 2023Hindi

Money

Sir, i am retiring shortly from govt services, please let me know if i want transfer all my retirement benefits(may be around 60 lakhs+) to my wife as one time gift, will there be any tax implication on gift given to my wife. please let me know the procedure for gifting

Ans: Amount given to relatives is not an income in the hands of recipient. However, clubbing provisions will apply for income earned out of investment made (if any) from gift received from spouse.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

MoneyReply

You may like to see similar questions and answers below

Hardik Parikh |106 Answers |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 27, 2023

Question by Prasanna - Jul 16, 2023Hindi

Money

Hardik Sir, i am retiring from Govt services shortly, all the pension benefits which i get , i would like to give it to my wife, will there be any tax implication to her for this one time transaction. Whether it is advantageous or dis advantageous to transfer to wife as one time gift, i want her to take the responsibility of this amount of around 60 lakhs.

Ans: Dear Prasanna,

Firstly, congratulations on your upcoming retirement. It's a significant milestone, and I'm here to help you navigate the financial aspects of it.

Now, coming to your question about transferring your pension benefits to your wife. As per the Income Tax laws in India, any gift received from specified relatives, such as a spouse, is not treated as income. Therefore, it is fully exempt from income tax. So, if you decide to give your pension benefits to your wife as a one-time gift, there won't be any immediate tax implications for her.

However, there's an important aspect to consider. While the gift itself is tax-free, any income generated from this gift (for example, if your wife invests this amount and earns interest or dividends) would be clubbed with the income of the giver, i.e., you, and taxed accordingly. This is known as the clubbing of income.

In conclusion, gifting your pension benefits to your wife could be a good idea if the aim is to let her manage the funds. However, the income generated from the gifted amount would still be taxable in your hands.

I hope this clarifies your query.

Best,
Hardik

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Nov 27, 2023

Question by Prasanna - Jul 19, 2023Hindi

Money

Sir, i am Prasanna ,please advise, i am retiring very shortly from Govt Services and plan to transfer all my pension benefits to my wife's account, what is the tax implication, id i do this any additional tax burden on me

Ans: Whenever any asset is transferred to spouse without consideration and spouse earn income from it, income is clubbed in the hands of transferrer. Thus, in given case income will be clubbed in the hands of husband.

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Jul 21, 2023

Question by Prasanna - Jul 20, 2023Hindi

Money

Sir, I am prasanna, retiring from central govt services shortly, please guide me, if i transfer my retirement benefits to my wife's account , to the tune of about 65 lakhs , what are the tax implications please

Ans: Income from asset (including money) transferred to spouse without consideration is clubbed in the hands of the transferor. However, amount transferred to spouse will not be subject to tax.

Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Jul 23, 2023

Question by Prasanna - Jul 21, 2023Hindi

Money

Sir, I am prasanna , retiring from Central Govt service shortly. Retirement benefits to the tune of about 65 lakhs , I want to transfer it to the account of my wife. What will be the tax implication. Whether this decision is prudent or not. Just I want to make my wife financially independent I smy motto of transferring the amount

Ans: The tax implications of transferring retirement benefits to a spouse in India:-

Gift tax: Gifts between spouses are exempt from gift tax, so you will not have to pay any gift tax when you transfer your retirement benefits to your spouse.

Clubbing provisions: All the income arising from the assets gifted to your spouse will be clubbed with your income and taxed in your hands. This means that you will be taxed on the interest income, capital gains, etc, arising from the investments made with the gifted amount.

All-in-all, you may not find much benefit of transferring the money to your spouse with an added headache of showing spouse’s income from such assets in your name when the TDS etc would have been deducted in her name.
We do not recommend you to do it.

Latest Questions

Rajesh Kumar Singh |96 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Question by Margam - Feb 22, 2025Hindi

Career

Hi sir my son jee mains 2025 1st season 98.19 score so please tell me which NIT he will get cse obc .

Ans: For OBC chances good

Rajesh Kumar Singh |96 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Question by Santosh - Feb 22, 2025Hindi

Career

My son got 99.52 percentile in Jee Mains. General Quota. Which NIT he will get admission in CSE. Can he get in NIT Trichy Thanks in Advance

Ans: Better chance, Good Luck

Prof Suvasish Mukhopadhyay |397 Answers |Ask -Follow

Career Counsellor - Answered on Feb 22, 2025

Question by Ravi - Feb 22, 2025Hindi

Career

I got 90.50% in jee main sc category can i secure a top nit?

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by Vandana - Feb 22, 2025Hindi

Career

Hi My daughter get 72 percentile in jee mains 1 i dont know what happened to her otherwise she is a good student scored 94% in her 10th boards ..if i will look for some private engineering college in india pls suggest i will go with pune or will look for management quota seat for csc from banglore. Pls suggest preference order of btech college in banglore

Ans: Hello Vandana.
Requesting you not to panic at this early stage. Let her appear for JEE session 2 and the state-level engineering entrance test. Let all the results out. You have ample time to think about the available options for engineering admission. At this stage, no need to think about management quota unless and until you want a particular branch in a particular college. Depending on her score in upcoming exams, she may get admission to reputed engineering either in Pune or Bengaluru
Here are some colleges in Bengaluru: (1) R.V. College of Engineering (RVCE) (2) B.M.S. College of Engineering (BMSCE) (3) M.S. Ramaiah Institute of Technology (MSRIT) (4) PES University (5) Bangalore Institute of Technology (BIT) (6) Dayananda Sagar College of Engineering (DSCE) (7) Sir M. Visvesvaraya Institute of Technology (SMVIT) (8) BMS Institute of Technology and Management (BMSIT&M) (9) Nitte Meenakshi Institute of Technology (NMIT) (10) RNS Institute of Technology (RNSIT)
Suggestion - Don't panic. Keep cool yourself. Ask your daughter to focus more on JEE 2nd attempt and state-level engineering entrance test.

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Vipul Bhavsar |26 Answers |Ask -Follow

Tax Expert - Answered on Feb 22, 2025

Asked by Anonymous - Dec 22, 2024Hindi

Money

my gross income for fy:24-25 will be 5 lac and STCG is 1 lac so under new tax regime what will be my tax liability?

Ans: Assuming STCG is from Shares on which STT is paid and sold after 23 Jul 2024, your tax liability for FY 2024-25 shall be around Rs.21300

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by AVI - Feb 22, 2025Hindi

Career

I got 98.34 percentile marks jee main 2025 can I get cse top NIT or IIIT

Ans: Hello AVI
Chances are bright to get CSE in NITs & IIIT

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

My Relatives appear in JEE Mains 2025with 96.15 score. Interest in ECE he has SC Catagory

Ans: Hi,
There is a good chance that he will get to the branch of his choice, either through JOSAA or CSAB.

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by priyansh - Feb 22, 2025Hindi

Career

Sir i m attempted my jee with nios board can i give it through cbse board next year

Ans: Hello Priyansh
No. But why you need to appear again via the CBSE board is not clear.

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Question by Reetesh - Feb 22, 2025Hindi

Career

My son score 99.325 percentile in First session jee mains in general category what's opportunity for top 10 NIT and in which branch

Ans: Hello Reetesh
Congratulations on such a great score. I believe he can get the top 3 branches all the top 10 NITs. Many of the contenders above him will go for advanced. Considering this scenario he can get a good branch in all top 10 NITs.

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

Sir mane jee main session 2 ki fees fill kar di fir bhi incomplete problem a raha

Ans: Hello,
many times there are server issues & payment gateway problems, please check a day after. If it still shows unpaid then make the payment again. Your earlier payment will get refunded automatically.

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x