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Mihir

Mihir Tanna  |1043 Answers  |Ask -

Tax Expert - Answered on Apr 26, 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
Dilipkumar Question by Dilipkumar on Apr 25, 2023Hindi
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Sir, If spouse falls in the definition of relative, there will be no tax burden if husband and wife gives gift amount to each other. I had given Rs. 15 lakh to my wife as a gift. She had place this amount in PM Vay Vandna yojna. Who should show the interest income in tax return. If the amount is considered as gift from relative, than as per my belief, my wife has to show income in her return. Also some legal document (gift deed) is necessary to prepare for above gift?

Ans: ​​​​​As per income tax provisions, if husband transfer asset (other than house property) to spouse as gift, then income from such asset will be clubbed with the income of the husband. Thus, you have to show said income amount in Income tax return.

Further, considering quantum of gift, it is advisable to execute gift deed.
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.
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