Taxation

YAGNESH HASMUKH DAVE (Querist) 18 July 2013 This query is : Resolved
HUSBAND AND WIFE CAN GIVE GIFT BY CHEQUE OR CASH TO EACHOTHER AND THEY INVESTED THE GIFT AMT IN FD OR SOME PLOT OR FLAT IF NO GIFT CAN BE GIVEN THEN ONLY LOAN CAN BE GIVEN TO HUSBAND AND WIFE PL REPLY

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Anirudh (Expert) 17 August 2013
What is the great tax planning that you propose by doing so?
The income derived from the amount so gifted would in any way be taxed in the hands of the donor.
Try to keep things silly simple, instead of trying to complicate where it is unnecessary.

Guest (Expert) 17 August 2013
Both of you can exchange money as gift with each other. But bear in mind, only basic gift amount is not taxed in the hands of the donee, but income derived out of gifted amount is not exempt from tax. Each of you would have to account for the income earned out of the gifted money for the purpose of tax.

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