Transferring some amount through cheque to spouse account will be regarded as spouses income? Thanks
If the amount is given as a gift, the income earned in the hands of your wife on such gift will be clubbed with your income u/s 64 of the Income Tax Act. If there is no income on the amount gifted, there is no tax impact for you or your wife.
If the amount is given as a handloan and is refunded to you, there is no tax liability.
No , it will not . Please make sure that the income has been taxed earlier in your hand . Mere transfer does not generate any income.
As per Section 64 of Income Tax Act,1961, if any income is earned from the amount transferred to spouse will be clubbed in the hands of the person transferring the amount. If no income is generated from the said transfer then there will not be any tax liability.
No
