Can you please let me know the taxes on the income generated from the amount received as gift. If I receive an amount of 1 Lakh as a gift from my wife and if I give this money to a friend at an interest rate of 15% per annum what is the tax I have to pay on my income. I will get an income of Rs.15,000 if I lend this money to my friend.
1 Answers
Hi,
If your spouse gift's Rs 1 lakh to you, any income generated on this will be clubbed to her income and is subject to taxes (if any).
So, if you in-turn give this amount as loan to your friend and interest income gets generated then this interest income has to be clubbed with your spouse's income.
You may kindly go through below artcile :
https://www.relakhs.com/gift-income-tax-rules-detailed-guide/
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