Income Tax Department: Be it household expenses or shopping, if you are ordering more goods online and transfer the money to your wife’s account, then this news is important for you. If you transfer money or give a gift to your wife every month, you may have to pay tax. Know in detail in the news below-
On one hand, the way of shopping of people has changed in the country for a long time, while on the other hand, there have been major changes in the payment options as well. Now people are giving preference to online shopping and digital payment. In such a situation, most of the people are transferring money every month to their wife’s bank account for household expenses.
Now the question arises whether your wife can get Income Tax Notice if you transfer money every month? At the same time, another big question is whether you can avail tax deduction by treating this money as gift money.
Tax will be charged if you invest the money received from your husband
If you give money every month for household expenses or give money as gift on Diwali, Dhanteras or any other special occasion, then your wife is not liable for income tax. Is made.
Both these types of amounts will be considered as the husband’s income. The wife will not have to pay any tax on this. If we understand in simple words, the wife will not receive any notice from the Income Tax Department for this amount.
However, if the wife repeatedly invests this money somewhere and gets income from it, then there will be taxable income on the income earned on the invested capital. In other words, the investment income calculated on a year-to-year basis will be considered as the wife’s income, on which she will have to pay tax.
Tax exemption will not be available on money given as gift
According to the Income Tax Act, if you give money as a gift to your wife apart from your income, then it is not legally wrong. However, you will not get the benefit of any tax exemption on this.
Under the Income Tax Act, if you give money to your wife as a gift other than income, it will be considered as your income. Tax liability on this will also be yours. Actually, spouses are covered under the category of relatives. In such a situation, there is no tax on such gift transactions.
No need to file ITR
If the wife is investing some money from the amount received from her husband every month in Mutual Fund (MF) through SIP, then she does not need to file Income Tax Return (ITR File) on this money.
Not only this, they will not have to pay any tax on it. The income from investment of this money will be added to the taxable income of the husband.
