Income Tax- Gift

[AMIT JAIN, Advocate]

Dear Readers

My query is : A husband/wife can make a gift to his/her husband/wife. and is the prose and cones.

Regards

Amit Jain, Adv

[Rama Krishana]

If any income is arising out of such transfer, that may invite the provisions of clubbing in the hands of transferor.

AI Summary

Clubbing of income may apply to income from gifts between spouses, attributing such income to the transferor. A gift between husband and wife is the operative transaction; any income arising from the transferred asset may be subject to clubbing so that the income is treated as the transferor's income for tax purposes.