Hi, we are abroad and will be coming back to India. My husband will be getting 10 lakhs, out of which 6 lakhs will be deposited in his NRE account in India and 4 lake in my resident account in India.
Will there be tax for the money deposited in my account? And for the interest earned for that, can I show it as my income?
Thank you
1 Answers
Hi,
Any money if gifted by husband to wife, can be treated as gift, but any income earned on that money is clubbed to the husband's income.
If the income earned on gift amount is a tax-free income then it is not subject to taxes. For ex : If wife invests the gifted money in an equity oriented mutual fund and redeems the units after say 1 year then long term capital gains are tax-free.
Kindly read :
https://www.relakhs.com/gift-income-tax-rules-detailed-guide/
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