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Dhiraj Godghate (service)     16 April 2014

Home for house wife

Dear Sir,

My wife is homemaker/house wife.

I am planning to give my wife 40k rupees for monthly expenditure per month .

Is it possible if she start saving or investing in shares by the money saved by her. Whether the same is taxable to her ??

Is it possible that she can buy a home with the money saved by her or by mode of any gains from investing .If so whether this is taxable to my house wife or me ?



Learning

 2 Replies

KRISHNA (ACCOUNTANTS)     16 April 2014

Dear Dhiraj

 

such type of savings called pin money

 

and PIN MONEY is not taxable in the hands of wife.

 

if she earn something through saving of PIN MONEY than those earnings will be taxable 

if she buy house through these savings and gain from investment than that she will be sole and absolute owner of that house nothing will be clubbed in your hand u/s 64

SeekAdvice India (NA)     17 April 2014

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